Brent crude oil prices are currently showing positive movement as they attempt to break through the resistance line of a bearish channel. This development suggests the potential for a bullish correction following the decline from the $81.36 level. The initial targets for this correction are $72.00, with an extension up to $73.79 if the price surpasses the initial target.
A bullish outlook is anticipated for today, with a critical level to watch being $71.45. A breach of this level would confirm the start of the expected bullish correction. Conversely, if the price falls below $70.85, it would halt the anticipated rise and likely resume the downward trend.
The expected trading range for today is between $70.00 (support) and $73.00 (resistance).
Trend Forecast: Bullish
