Brent crude oil prices have demonstrated a significant upward movement after testing the $78.80 level in recent sessions. This rebound maintains the validity of the bullish trend and sets the stage for a potential test of the $80.65 mark. A successful breach of this level could pave the way for a rally towards the next key target of $82.15.
The price’s movement above the 50-period Exponential Moving Average (EMA50) reinforces the expectation of continued bullish momentum. Conversely, a drop below the $78.80 level would be seen as a negative indicator, potentially reversing the current upward trend and leading to a return to a bearish trajectory.
For today, the anticipated trading range is between a support level of $78.70 and a resistance level of $81.70.
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