Brent oil prices have surged, breaching the $75.36 mark and closing the daily candlestick above this threshold. This movement indicates a halt to the previously anticipated negative trend and suggests a potential upward trajectory. Analysts forecast that the next positive targets for Brent oil could be at $76.84, with further gains possible extending to $78.66, contingent on the successful breach of the initial target.
The price’s movement above the 50-day Exponential Moving Average (EMA50) reinforces the expectation of a bullish trend. Conversely, if Brent oil falls below $75.36, it could signal the end of the current bullish momentum, potentially leading to a decline in prices.
For today, the anticipated trading range for Brent oil is expected to be between a support level of $74.70 and a resistance level of $77.70.
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