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Today, July 17, 2024 – Brent oil prices have successfully reached our anticipated target of $84.10. Despite closing below this level yesterday, market analysis suggests a continued correctional bearish trend on an intraday basis, with potential to target $82.74 next.
The EMA50 is exerting downward pressure, reinforcing expectations of a bearish wave. However, a breakthrough above $84.10, sustained convincingly, could halt the bearish momentum and initiate recovery attempts in the short term.
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Today’s projected trading range is expected between support at $82.20 and resistance at $85.20.
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Trend Forecast: Bearish
