Brent crude oil prices have surged significantly, surpassing the $77.80 mark and halting the previous bearish trend. The price is now testing the resistance line of the bearish channel, signaling the onset of a bullish correction on an intraday basis. The immediate target for this correction is the 38.2% Fibonacci retracement level, which stands at $80.65, calculated from the decline between $88.53 and $75.78. A breach of this level could propel the price towards the next correctional target at $82.15.
For today, we anticipate a continuation of the bullish trend. However, it is important to note that a decline below $78.80 would invalidate the bullish correction and potentially lead the price back into the bearish channel.
Today’s expected trading range is between $78.00 for support and $81.00 for resistance.
Trend Forecast: Bullish
