The opening for Brent oil price today reflects a negative sentiment following a robust resistance encountered at 79.00. The price is now approaching a key support level at 77.44, emphasizing the importance of maintaining this level to sustain the prevailing bullish trend. It is crucial for Brent oil to hold above 77.44 to validate and sustain the positive scenario, with expectations of reaching the next key levels at 79.60 and 81.00.
The supportive role of the EMA50 further reinforces the envisioned positive trajectory. It’s essential to highlight that a breach of the support at 77.44 could interrupt the anticipated rise and prompt a shift back towards the primary bearish channel visible on the chart.
The projected trading range for today is anticipated to range between the support level at 76.50 and the resistance level at 79.50.
In summary, the overall trend for today remains bullish, contingent on the ability of Brent oil to hold above the critical support level at 77.44.
