The price of Brent oil exhibits fluctuations around the $79.50 level. A notable aspect is the stochastic indicator attempting to shed its negative momentum, poised for a positive shift that could propel the price to resume the anticipated bullish wave on an intraday basis. The next target for this movement is the testing of $81.00, with the potential for additional gains reaching $83.87 upon breaching this level.
Crucially, the EMA50 continues to provide support for the envisaged bullish wave. It is imperative for the price to maintain levels above $77.44 to realize the awaited targets.
The projected trading range for the day is anticipated between the support level of $78.20 and the resistance level of $81.20.
Anticipated Trend for Today: Bullish
