In a significant upward move, Brent crude oil prices surged yesterday, surpassing the extended target of $82.15 and closing the daily candlestick above this level. This strong performance suggests that further gains could be on the horizon, with the next target set at $83.66.
Despite this bullish momentum, current stochastic indicators signal potential for negative trading at today’s open. The market is anticipated to require positive momentum to sustain upward movement. Should Brent crude fail to maintain its position above $82.15, a decline towards the $80.65 level could be expected before any potential rebound.
Today’s trading range is projected between the support level of $80.80 and the resistance level of $83.66.
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