As of February 8, 2024, Brent oil prices have exceeded the level of 79.55 at today’s opening, striving to maintain a position above it. This development marks a shift from the previously suggested negative scenario, with a potential move towards a bullish trajectory in the upcoming sessions, targeting a key level at 81.00.
While a temporary sideways fluctuation might be witnessed before the resumption of the suggested bullish wave, it is crucial for the price to establish a supportive foundation above 79.55 to strengthen the likelihood of a continued rise. However, a breach below this level, accompanied by sustained trading beneath it, could reintroduce negative pressure, potentially leading the price towards the testing of 77.44 areas initially.
The expected trading range for the day is anticipated to fluctuate between the support level of 78.50 and the resistance level of 81.40.
Projected Trend for Today: Bullish
