The Brent oil price encountered transient negative pressure in the preceding session, making an attempt to breach the 75.60 level. However, it rebounded resiliently, resuming the intraday bullish trajectory within the minor bullish channel outlined on the chart. This resurgence reinforces the likelihood of an advance towards the key target at 77.44.
The ongoing suggestion leans towards a continuation of the bullish trend in the upcoming period. It is crucial to monitor the 75.45 level, as a break below this threshold would signify the completion of a negative pattern, potentially redirecting the price towards the primary bearish track within the overarching bearish channel.
For today, the envisaged trading range spans from the support level at 75.30 to the resistance level at 78.00.
The prevailing trend for today aligns with a bullish outlook, contingent on market dynamics. Traders are advised to stay vigilant, particularly in regard to the critical level at 75.45, as it holds significance in confirming the overall market sentiment.
