Brent oil prices showed strong momentum yesterday, successfully reaching the anticipated target of $73.90. The prices not only hit this level but also settled above it, reinforcing the bullish trend on an intraday basis. Analysts are now looking ahead to a potential test of $75.36 as the next significant target.
The bullish outlook remains intact for the near term, though some sideways fluctuations may occur due to stochastic indicators showing negativity. A critical point to watch is the $73.90 mark; a breach below this level could halt the current bullish wave and lead to a price decline.
For today, the expected trading range for Brent oil is between a support level of $73.10 and a resistance level of $76.10.
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