Brent oil prices exhibited a robust upward bounce yesterday, bringing them in close proximity to the primary awaited target at 81.00. The current market scenario is characterized by sideways fluctuation, influenced by stochastic negativity. However, there is an anticipation of gaining positive momentum to facilitate a resumption of the bullish bias, aiming to surpass the mentioned level and pave the way for additional gains, with the next target positioned at 83.87.
The prevailing outlook continues to suggest a bullish trend for the foreseeable future. It is imperative to emphasize that the failure to achieve the necessary breach might result in a decline, leading the price to revisit the 77.44 areas.
Today’s expected trading range is projected to fluctuate between the support level at 78.70 and the resistance at 81.70. These levels serve as crucial reference points for traders, offering insights into potential price movements.
In summary, the expected trend for today remains bullish, with the Brent oil price nearing the target at 81.00. However, traders are advised to closely monitor the price action, particularly the breach of key levels, to ascertain the continuation or reversal of the prevailing trend.
