Brent oil prices surged upward yesterday, successfully reaching the extended target of $82.15. The price closed the daily candlestick above this level, indicating potential for further gains in the upcoming period, with the next target set at $83.66.
However, the stochastic indicator shows signs of negativity, leading to some bearish movement at today’s open. This suggests that the price may need to gather positive momentum before it can rise again. It’s important to note that if the price fails to maintain its position above $82.15, there could be an intraday decline, potentially bringing the price down to $80.65 before any new bullish attempt.
Today’s expected trading range is between the $80.80 support and $83.66 resistance levels.
Trend Forecast: Bullish
