Brent oil price has recently undergone testing at the 77.44 level and has successfully maintained its stability above it. This resilience keeps the bullish trend scenario intact for the foreseeable future, contingent on the acquisition of positive momentum to propel the price upward, targeting the 81.00 areas once again.
In anticipation of this positive momentum, traders are advised to monitor intraday developments closely. It is crucial to note that a breach of the 77.44 level, coupled with sustained positioning below it, would impede the expected upward movement, potentially triggering a reversal towards the downside.
The expected trading range for today is anticipated to fluctuate between the support at 77.00 and the resistance at 80.00. As of now, the overall trend for today remains bullish, hinging on the awaited positive momentum to fuel further upward movements in Brent oil price.
