Brent crude oil prices experienced significant downward pressure yesterday, falling below the $82.15 level and approaching a critical support threshold of $80.65. Despite this decline, current stochastic indicators suggest a potential reversal, signaling a possible resumption of the bullish trend on an intraday basis.
For the bullish outlook to remain intact, Brent crude must surpass the $82.15 mark. A breach of this level would pave the way for a potential rally towards the next resistance point at $83.66. Conversely, if prices fall below $80.65 and sustain beneath this level, the positive scenario may be compromised.
The 50-day Exponential Moving Average (EMA50) continues to support the expected bullish trajectory. Today, the anticipated trading range for Brent crude oil is between the support level of $80.10 and the resistance level of $83.10.
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