Brent oil price is currently hovering around the EMA50 (Exponential Moving Average 50) and remains within the confines of a sideways range depicted on the chart. This range is characterized by the support level at 81.00 and the resistance level at 83.87, keeping the sideways scenario intact until a decisive breach of either level occurs.
It is crucial to highlight that breaking the mentioned support at 81.00 could exert negative pressure on the price, potentially paving the way for downward targets starting at 79.25 and extending to 77.44. Conversely, surpassing the resistance level would signify a pivotal moment to regain the bullish trend, directing the price towards 86.74 as the next positive station.
The anticipated trading range for today is expected to oscillate between the support at 81.00 and the resistance at 84.20.
Projected Trend for Today: Sideways
