Brent crude oil prices are showing a bullish trend, approaching the anticipated target of $80.65. A breakout above this level could pave the way for further gains, potentially reaching $82.15. This positive outlook is supported by the 50-period Exponential Moving Average (EMA50), which is currently providing upward momentum.
In the near term, the bullish trend is expected to continue, although some temporary sideways movement may occur due to stochastic indicators showing negativity. This fluctuation could delay the price from reaching the projected targets as it gathers the necessary positive momentum.
A key level to watch is $79.70; a decline below this could halt the expected rise and lead to a test of the $78.80 level. For today, the trading range is anticipated to be between $79.10 on the support side and $82.00 on the resistance side.
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