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Brent Oil Prices Retest Previously Breached Resistance, Signal Bullish Momentum

by Jennifer

Brent oil prices experienced additional downward movement in the previous session, revisiting the resistance level that had been breached in the bearish channel identified on the chart. Notably, the price has now found support above this line, currently positioned at 79.10. The latest positive trades are supported by the emergence of stochastic positivity and the influence of the EMA50, which is guiding the price from below.

Given these indicators, our analysis anticipates a bullish bias in the upcoming sessions. Initial targets for this positive trend are set at 81.00, with further extension to 82.35 upon surpassing the previous level. It is crucial to note that a breach of the support at 79.10 could nullify the suggested bullish wave, potentially leading to a return to the primary bearish channel.

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The projected trading range for today is expected to fluctuate between the support level of 78.20 and the resistance level of 80.30.

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In summary, current market conditions indicate a potential bullish momentum for Brent oil prices, with careful attention to the support level at 79.10 to gauge the sustainability of the upward movement.

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