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Brent oil prices encountered significant negative pressure yesterday, resulting in a break below the $82.15 level and approaching the key support at $80.65. However, the stochastic indicator now displays clear positive signals, suggesting a potential for price recovery and a resumption of the bullish trend on an intraday basis. To confirm a rally towards $83.66, the price needs to breach the $82.15 level.
The overall positive outlook remains intact as long as prices stay above the $80.65 support level. The 50-day exponential moving average (EMA50) supports the anticipated bullish trend.
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Today’s projected trading range is between $80.10 for support and $83.10 for resistance.
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Trend Forecast: Bullish
