The price of Brent crude oil experienced a continued decline yesterday, approaching the anticipated target of $75.24. However, a notable rebound occurred as the price corrected from its previous bearish trend, which saw it drop from $81.61 to $69.11. A closer examination of the price chart reveals the formation of a falling wedge pattern, suggesting a potential return to a bullish trend.
Today, Brent oil prices have started positively, indicating a shift towards achieving upward targets, beginning with a test of $78.66. Analysts anticipate further increases in the coming sessions, with a breakthrough at this target likely to push prices toward the next significant target of $80.30. Conversely, if the price falls below $76.84, it could halt the bullish momentum and trigger additional bearish corrections.
For today, the expected trading range is between the support level of $76.40 and the resistance level of $79.40.
Related topic:
Which Diesel Is Best for Mercedes?
