Brent oil price has successfully breached the key resistance level at 77.44, establishing a clear and sustained position above it. This development signals the activation of a bullish trend scenario on the intraday basis, setting the stage for a potential upward trajectory towards positive targets, notably around the 81.00 areas.
Today’s outlook leans towards a bullish bias, further supported by the fact that the price is trading above the EMA50. It is essential to note that a break below the recently surpassed level of 77.44 could halt the anticipated rise and subject the price to renewed negative pressure.
The expected trading range for today is projected to fluctuate between the support at 77.50 and the resistance at 80.50.
In summary, the prevailing trend for today is anticipated to be bullish, with close attention to the crucial level of 77.44 as a potential determinant of future market dynamics.
