Brent oil price is experiencing minor fluctuations with a slight negative tilt, testing the EMA50 support at 78.20. It is noteworthy that the stochastic indicator has shifted away from its negative momentum, entering oversold territories. This development is expected to encourage the price to resume its anticipated bullish trajectory in the intraday context, primarily targeting the 81.00 level.
Hence, the positive scenario remains viable and active for the upcoming period. However, it is crucial to monitor the levels at 77.44 and 76.90, as breaching these support levels may negate the anticipated rise and prompt a shift towards a bearish trend.
Traders are advised to keep an eye on the expected trading range, anticipated between the support at 77.40 and the resistance at 80.30. As always, exercising caution and staying alert to potential trend reversals is advisable.
