Brent oil prices experienced a robust increase yesterday, successfully reaching the extended target of $81.36. However, the price has begun to decline today, indicating the potential formation of a bearish wave on an intraday basis, with the initial target set at $78.47.
Market analysts anticipate a bearish sentiment for the day, bolstered by a negative overlapping signal from the stochastic indicator. It is important to note that if prices breach the $81.36 mark, the anticipated decline may be halted, leading to a potential resumption of the bullish trend in both the intraday and short-term outlooks.
The expected trading range for Brent oil today is projected between the support level of $78.20 and the resistance level of $81.50.
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