Brent crude oil prices have displayed bullish momentum, with a notable bounce towards the critical resistance level of $82.40, indicating a potential resurgence of the bullish trend.
Market analysts suggest a cautious approach, advising traders to observe the price action closely until confirmation is established above the aforementioned level, clarifying the subsequent market direction.
A breach above $82.40 is anticipated to trigger a bullish wave, with targets set at $83.70 and $84.77, marking significant positive milestones.
However, failure to sustain above this level could prompt a bearish reversal, leading to potential losses, with initial downside targets at $81.25, followed by $80.08.
The anticipated trading range is expected to oscillate between the support level of $80.60 and the resistance level of $84.00, providing traders with key reference points for strategic decision-making.
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Brent Oil Price Inches Closer to Anticipated Target Before Reversal
Anticipated Outcome: Brent Crude Oil Faces Resistance at $80.08
