Brent oil price has exhibited a bullish bounce, initiating a test of the critical resistance level at $82.40, signaling a potential resurgence of the bullish trend.
In light of this development, market analysts are adopting a cautious stance, opting to remain on the sidelines until the price confirms its position relative to the aforementioned level and clarifies its next trajectory.
A breach above the $82.40 mark is anticipated to catalyze a bullish wave, with initial targets set at $83.70, followed by $84.77, representing significant upside potential.
However, failure to sustain above this level could prompt a bearish reversal, leading to potential losses. Initial support is identified at $81.25, with further downside targets extending to $80.08.
Expected Trading Range: Market participants should anticipate a trading range between the support level at $80.60 and the resistance level at $84.00.
Trend Forecast: The current trend outlook is assessed as neutral, with market participants closely monitoring price action around the key resistance level for potential trend confirmation.
