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Brent crude oil prices have surged past the $78.80 mark, settling above this level with expectations of further gains in the short term. The current trend indicates a potential test of the $80.65 threshold, with a breakout above this level possibly pushing prices towards $82.15.
Support for this bullish outlook is reinforced by the price moving above the 50-day Exponential Moving Average (EMA50). However, if Brent crude falls below $78.80 and remains there, it could face downward pressure, potentially targeting $77.60 and then $75.80 in the near term.
For today, the anticipated trading range is between a support level of $78.50 and a resistance level of $81.50.
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