Brent oil prices recently experienced a bearish rebound following a test of the 79.00 areas, leading to a fluctuation around the pivotal support level at 77.44. Notably, the stochastic indicator is displaying clear positive momentum, creating expectations for the resumption of the anticipated bullish wave on an intraday basis, with a primary target set at 81.00.
It is crucial to observe that a breach of the support levels at 77.44 and subsequently at 77.10 could disrupt the anticipated upward trajectory, compelling the price to pivot towards a decline. In such a scenario, the initial target for the ensuing bearish wave would be situated at 75.20.
Today’s projected trading range is expected to hover between the support at 76.60 and resistance at 79.50, reflecting the prevailing volatility in the Brent oil market.
The overall trend for today is deemed bullish, with traders advised to exercise vigilance and monitor the key support and resistance levels closely. The breach of the support levels may signify a shift in market dynamics, impacting the current trajectory of Brent oil prices.
