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Brent crude oil prices experienced significant downward pressure last Friday, dropping below $73.90. However, the market opened today with a notable increase, pushing prices back above this key level. Positive signals, particularly from the stochastic indicator, suggest a potential resumption of the expected bullish trend on an intraday basis, with the next target set at $75.36.
Should prices breach this level, the bullish momentum may extend further, potentially reaching $76.84. Conversely, if prices fall below $73.90 again, it could halt the bullish trend and trigger a downward shift.
Today’s expected trading range is anticipated to be between $73.00, acting as support, and $76.00, serving as resistance.
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