Brent oil price recently neared the anticipated target of 81.00, experiencing a robust downward bounce to reach a significant support level at 77.44. The current market dynamics indicate a positive start for the day, signaling an attempt to distance itself from the mentioned support. This suggests a potential move towards resuming the bullish wave, with the primary target set at 81.00.
Supporting this outlook are positive signals from technical indicators, reinforcing the validity of the suggested bullish wave. The overall bullish trend remains intact unless the crucial support level at 77.44 is breached, and the price sustains a daily close below it.
As the market prepares for potential upward movement, the expected trading range for the day is projected between the support at 77.20 and the resistance at 80.30. The prevailing trend for the day is deemed bullish, contingent on the mentioned support holding firm against downward pressures. Traders are advised to monitor key levels closely for confirmation of the anticipated bullish continuation.
