Brent oil has displayed a clear resumption of positive trading, successfully achieving the initially anticipated target at 82.25. The bullish bias is expected to persist, with a projected continuation towards the next significant target at 83.87. This upward movement is substantiated by the price’s position above the EMA50 (Exponential Moving Average).
It’s worth noting that the current negativity in the Stochastic indicator might lead to temporary sideways fluctuations before the resumption of positive trades. The validity of the bullish trend remains intact unless a breach of 81.00 occurs, with a subsequent sustained move below this level.
For today’s trading, the anticipated range spans between the support level of 81.20 and the resistance level of 84.20.
The prevailing trend for today maintains a bullish trajectory, with attention directed towards potential fluctuations and the crucial support level. Traders are advised to stay vigilant for any developments that could impact market dynamics.
