Brent oil prices experienced an upward rally, successfully reaching the anticipated target at 81.00. The price surpassed this level, settling above it and creating potential for further gains in upcoming sessions. The next significant target stands at 83.87.
The prevailing bullish trend is expected to persist on the intraday basis as long as the 81.00 level remains intact. However, a break below this level could introduce negative pressure, potentially leading to a trend reversal.
The expected trading range for today is between the support level at 80.60 and the resistance level at 83.80.
In summary, Brent oil prices have exceeded the initial target, and traders are advised to monitor the crucial support and resistance levels for potential trading opportunities.
