Brent oil prices surged significantly yesterday, surpassing the $81.38 mark and reaching $82.74. This movement suggests a potential halt to the recent bearish correction and a possible return to the main bullish trend. However, current technical indicators are showing negative signals, which could indicate a potential decline.
Given these mixed signals, it is advisable to remain cautious until the price action around the $82.74 level becomes clearer. A breach above this level could propel the price towards a higher target of $84.11. Conversely, if the price fails to hold above $82.74, it may revert to a downward trend, potentially revisiting the $81.38 support.
The expected trading range for today is between $81.00 support and $84.40 resistance.
Trend Forecast: Neutral
