Brent oil price exhibited a robust upward bounce, gaining momentum after closely approaching our initial downside target at 74.35. The price successfully breached the resistance level at 77.44, surpassing the upper boundary of the bearish channel and settling above it. This development has effectively halted the previously anticipated negative scenario outlined in the previous session, signaling a shift towards an upward trajectory.
The current bearish signals from stochastic indicators may introduce some sideways movement before the anticipated continuation of the bullish trend for the day. It is noteworthy that a break below 77.44 would invalidate the expected upward movement, potentially leading to renewed declines.
The expected trading range for today is anticipated to fluctuate between the support level at 77.00 and the resistance level at 80.10.
Anticipated Trend for Today: Bullish
