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The Brent oil price is currently experiencing positive momentum, attempting to break through the bearish channel’s resistance line. This movement suggests a potential bullish correction following a decline from the $81.36 level. The initial targets for this upward correction are projected to be around $72.00, with further gains possible up to $73.79 if the resistance is successfully breached.
For today, a bullish bias is anticipated. To confirm the start of this correction, the price needs to surpass the $71.45 mark. However, a decline below $70.85 could negate the anticipated rise and prompt a reversal.
The expected trading range for today is between $70.00 (support) and $73.00 (resistance).
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