Brent oil price experienced a strong downward bounce after approaching the initial target at 79.60, reaching the 77.44 level and making an attempt to break it. However, the price managed to close the daily candlestick above this level, keeping the bullish trend scenario active for the upcoming period. The market is now poised to head towards the next main targets at 79.60, followed by 81.00.
Currently, the Stochastic indicator is providing positive signals, indicating potential momentum for the price to resume the suggested bullish wave. This bullish outlook remains valid unless there is a significant break below the support level at 77.44.
For today’s trading, the expected range is between the support level at 76.50 and the resistance level at 79.70. The prevailing trend for today is considered bullish. Traders are advised to closely monitor price movements and key support/resistance levels for well-informed decision-making.
