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Brent Oil Price Nears Anticipated Target – Market Analysis as of February 28, 2024

by Jennifer

Brent oil prices have exhibited a discernible upward rebound, making significant strides towards our awaited target of 83.87. The analysis supports a continuation of the bullish bias, anticipating a successful breach of this level and the realization of additional gains in the upcoming trading sessions. It is noteworthy that the subsequent target is set at 85.00.

While the current stochastic indicator displays a temporary negativity, this may contribute to some short-lived sideways fluctuations before resuming positive trades. It is imperative to take into consideration that a breach of the support level at 82.30 would impede the expected upward movement, compelling the price to decline and test the level of 81.00 primarily.

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For today’s trading activities, the projected range is expected to fluctuate between the support level at 81.50 and the resistance at 84.80. The prevailing trend for today maintains a bullish outlook, given the momentum observed in Brent oil prices.

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Market participants are advised to monitor the potential for temporary sideways movements amid stochastic negativity and remain alert to any developments around the critical support level at 82.30. The breach or holding of this level could significantly impact the trajectory of Brent oil prices.

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