Brent oil demonstrated distinct positive movements in the previous trading session, successfully testing the 79.00 barrier. This development strengthens the prevailing expectations of a sustained bullish trend in the upcoming sessions, with a notable target at 81.00 on the horizon.
Underpinning this optimistic outlook is the support provided by the EMA50 from below, further bolstering the likelihood of the suggested positive scenario unfolding. To maintain the current bullish momentum, it is crucial that the price avoids breaching key support levels, particularly 77.44 and 76.80, as holding below these thresholds could signal a shift in market dynamics.
For today’s trading, the expected range is anticipated to fluctuate between the support at 77.60 and the resistance at 80.60.
In summary, the prevailing trend for today leans decisively bullish, with traders advised to closely monitor support levels for potential shifts in market sentiment. The anticipated positive trajectory remains intact unless key support levels are breached and sustained below.
