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Current Scenario:
The Brent oil price has tested the $79.00 barrier and may exhibit some bearish bias influenced by the current negativity in stochastic indicators. However, as long as the price remains above $78.25, the bullish trend for today is anticipated to continue. The next main target is set at $80.08. It’s important to note that a breach below $78.25 would signal a resumption of the main bearish trend, with the price potentially testing $77.18 initially.
Expected Trading Range:
The anticipated trading range for Brent oil is between a support level of $77.60 and a resistance level of $80.60.
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Trend Forecast:
The overall trend forecast for Brent oil remains bullish.
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