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Brent Oil Price Surges to Target, Faces Sturdy Resistance at $81.00

by Jennifer

Brent oil prices displayed a significant upward rally, breaking free from the confines of the bearish channel’s resistance and reaching the anticipated target at $81.00. The market is currently encountering robust resistance at this level, prompting a cautious approach to confirm a successful breach, which could pave the way for additional gains. The next objectives lie at $82.35 and $83.87.

The prevailing bullish trend retains its momentum in the upcoming sessions, supported by the EMA50, which continues to guide the price from below. It is essential to note that a failure to surpass the $81.00 resistance level might trigger a bearish rebound, directing the price towards an initial test of $79.35.

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For today’s trading activities, the expected range oscillates between support at $79.35 and resistance at $82.50.

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The overall trend anticipated for today leans towards a bullish stance, contingent on the market’s ability to surmount the resistance at $81.00.

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