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Brent Oil Price Nears Target Amid Positive Resumption on February 19, 2024

by Jennifer

Brent oil prices have resumed their positive trajectory in recent sessions, approaching a few pips from the awaited target of 83.87. The current market conditions exhibit a temporary bearish bias influenced by stochastic negativity. There is an anticipation of gathering positive momentum to support the resumption of the bullish wave, aiming to surpass the mentioned level and reach the next significant station at 85.55.

The positive scenario is expected to persist in the upcoming period, with support from the EMA50 guiding the price from below. It is crucial to note that a breach of the 82.45 level would halt the expected upward movement, potentially leading to a decline with a test of key support areas around 81.00 before any subsequent attempt to rise.

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The projected trading range for today is anticipated to fall between the support level of 82.00 and the resistance level of 84.60.

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Expected Trend for Today: Bullish

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