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Brent Oil Prices Experience Upward Rally – Market Analysis – February 27, 2024

by Jennifer

Brent oil prices demonstrated significant positive momentum in the recent trading session, successfully breaching the 81.70 level and establishing a settlement above it. This bullish movement indicates the potential for expected gains on an intraday basis, with the next target set at 83.87. Surpassing this level is deemed crucial to confirming the resumption of the primary bullish wave, with additional gains anticipated to reach 85.00 as the subsequent main target.

The bullish scenario is further supported by the price moving above the EMA50. However, it’s essential to monitor the 82.30 level closely, as a break below this point may lead to a price decline, initiating a visit to 81.00 initially.

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Today’s Expected Trading Range: 81.20 (Support) – 84.20 (Resistance)

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Traders and investors are advised to consider the potential bullish trend in Brent oil prices, with attention directed towards the support level at 81.20 and the resistance level at 84.20 in today’s trading sessions.

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