Brent Oil Price Exhibits Mixed Signals

by Jennifer

Brent oil price successfully reached the awaited target at 81.00, breaking below it and closing the daily candlestick under this level. This suggested a potential for further decline in the upcoming sessions. However, today’s positive start, moving above the mentioned level, indicates a degree of uncertainty. The technical indicators contribute to this contradiction, making it advisable to adopt a wait-and-see approach until the price clarifies its position in relation to the mentioned level, followed by a clear determination of its next direction.

It’s crucial to monitor the consolidation above 81.00, as this could prompt the price to initiate a new bullish wave, targeting an initial visit to 83.87. Conversely, a break below 81.00, coupled with sustained levels below it, may lead to a reversal towards negative targets, potentially reaching the 77.44 areas on a near-term basis.

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The expected trading range for today is likely to fall between the support at 79.50 and the resistance at 83.00.

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Anticipated Trend for Today: Neutral

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