Brent crude oil prices surged significantly, surpassing $77.80 and halting the recent bearish trend as indicated in recent reports. The price has now begun to challenge the resistance line of a bearish channel, signaling the potential start of a bullish correction on an intraday basis. The target for this correction is set at the 38.2% Fibonacci retracement level, calculated from the decline spanning $88.53 to $75.78, situated at $80.65. Further upward momentum could lead to testing the next correctional level at $82.15.
Analysts suggest that the bullish trend is likely to persist for today, contingent upon the crucial level of $78.80 holding. A breach of this level would nullify the current bullish correction and could redirect the price back into the bearish channel.
Today’s anticipated trading range is anticipated to fluctuate between support at $78.00 and resistance at $81.00.
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