In recent trading sessions, Brent oil prices experienced a period of downward pressure, nearing the pivotal support level of 77.44. Notably, the price rebounded in a bullish manner, renewing positive trades and challenging the resistance of the bearish channel. The EMA50 acted as a robust support against the price, enhancing the likelihood of a sustained upward movement and potential additional gains. The immediate targets for this bullish momentum are set to test the 81.00 level, with further aspirations to breach and reach the subsequent main target at 82.35.
Crucially, a breach beyond the 80.00 mark is anticipated to facilitate the realization of the suggested targets. It is important to acknowledge that failure to breach this level might prompt a return to bearish sentiment, with potential downside pressure leading to a test of the 77.44 areas before a renewed positive attempt.
Guiding traders through the current market landscape, the expected trading range for today is anticipated to fluctuate between the support level of 78.60 and the resistance level of 81.60.
Today’s market trend is expected to be bullish, reflecting the resilience displayed after the recent downward pressure and signaling the potential for further upward movement. However, market participants are advised to monitor the critical level of 80.00 for confirmation of the ongoing bullish sentiment.
