In a significant market move, Brent crude oil prices surged yesterday, surpassing the $81.38 mark to reach $82.74. This upward momentum hints at a potential reversal of the recent bearish trend and a return to the prevailing bullish trajectory. However, technical indicators currently suggest potential downward pressure that could lead to a price decline.
Given these mixed signals, we advise a cautious approach until the market establishes a clearer trend around the $82.74 level. A breach above this resistance could signal further gains, pushing the price towards a new target of $84.11. Conversely, if prices consolidate below $82.74, a decline towards $81.38 is likely.
For today, the anticipated trading range for Brent crude oil is between $81.00 on the support side and $84.40 on the resistance side.
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