Today, Brent crude oil surged past the critical $81.40 mark, indicating a robust upward momentum towards the suggested target of $82.74. However, at the start of trading, a slight bearish trend was observed influenced by stochastic indicators showing some negativity. There is a possibility that the price could test the support level established at $81.40 before resuming its upward trajectory.
Sustaining above this support level is crucial as it would bolster confidence in a continued bullish trend in upcoming sessions. Analysts suggest a bullish bias for today’s trading, contingent upon breaching the $82.74 mark, which could pave the way for a further ascent towards $84.10. Conversely, a break below $81.40 would invalidate the positive outlook, potentially leading to renewed declines.
The anticipated trading range for the day spans between $79.80 as support and $83.80 as resistance, highlighting key levels to monitor amidst ongoing market fluctuations.
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