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Brent oil price concluded the previous session with a notable surge, successfully breaking the 77.44 resistance level and settling above it. This development signals the initiation of recovery attempts, paving the way for potential gains targeting 79.75 and extending to 81.00.
Therefore, a bullish bias is anticipated for today, reinforced by the positive momentum in the stochastic indicator. It is essential to be mindful that a breach below 77.44 could disrupt the current bullish wave, prompting the price to revert to a bearish trajectory.
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The expected trading range for today is established between the support level at 77.00 and the resistance level at 80.00.
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Expected Trend for Today: Bullish
