Brent oil prices surged higher yesterday, successfully reaching the anticipated target of $73.90. The price is now testing the potential to break through this level, which would enhance the prospects for further gains. If the breach is confirmed, the next positive target is $75.36.
However, the current negative momentum in Stochastic indicators could slow the upward movement, leading to temporary sideways trading before the resumption of bullish attempts. A drop below $73.00 would invalidate the bullish trend and could trigger a downward move.
The expected trading range for today is between support at $72.60 and resistance at $75.60.
Trend forecast: Bullish
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