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Brent Oil Price Achieves Target but Faces Resistance – Market Analysis for February 29, 2024

by Jennifer

Brent oil prices have successfully reached our anticipated target of 83.87, encountering robust resistance at this level. The commodity subsequently initiated a bearish rebound, navigating within a sideways trajectory characterized by the mentioned resistance and the 81.00 support.

As the price consolidates within this range, market analysts anticipate potential movement towards the support line in the upcoming sessions. The current expectation is for the price to oscillate between the mentioned resistance and support until a decisive breach occurs, providing a clear direction for the next market move.

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It is crucial for traders to monitor the price’s behavior within this range, as surpassing the resistance may signal a path towards new gains, starting at 85.00 and extending to 86.74. Conversely, breaking the support line represents a negative factor that could lead to intraday losses, reaching areas around 77.44.

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The projected trading range for today is situated between the support level at 81.20 and the resistance level at 84.50. The prevailing trend for the day is expected to be sideways, highlighting the importance of a cautious approach and readiness to adapt to evolving market dynamics.

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