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.
The expected trading range for today is likely to fall between the support at 79.50 and the resistance at 83.00.
Anticipated Trend for Today: Neutral
