Brent crude oil prices opened today with a noticeable downward trend, trading below $78.66. However, the market is currently showing signs of a potential rebound as prices approach an intraday bullish trend line on the chart. This trend suggests the possibility of an upward movement in the coming sessions, with initial targets set at $80.00 and further gains potentially reaching $81.61.
The anticipated bullish sentiment for today is bolstered by the support of the 50-period exponential moving average (EMA), which is positioned beneath the current price. Nevertheless, a decisive break below key support levels of $77.80 and $76.84 could signal a reversal in momentum, potentially leading to a downward trend.
For today’s trading, analysts expect the price to fluctuate within a range of $77.20 as the support level and $80.20 as the resistance level.
Related topic:
Where Does Fuel Oil Come From? [Revealed]
