Brent crude oil prices saw a robust rally on Monday, breaking past the $72.06 mark to reach highs near $73.90. This upward movement signals a potential shift from the recent bearish trend, with expectations of further gains in the near term.
Market analysts highlight that surpassing the $73.90 threshold could drive prices toward the $75.36 level, reinforcing bullish momentum. The rally is supported by movement above the 50-day Exponential Moving Average (EMA50), which underscores the current upward trajectory.
However, failure to breach the $73.90 resistance may lead to a pullback, with prices potentially revisiting the $72.06 level as the first bearish target.
For today, Brent oil prices are expected to trade within a range of $72.20 as support and $75.20 as resistance, reflecting the ongoing battle between bullish optimism and bearish pressure.
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