Brent oil prices are exhibiting a bullish trend, approaching the $80.65 level. A breach of this level is anticipated to pave the way for additional gains, potentially reaching $82.15, thereby reinforcing the bullish outlook for the near term.
The 50-day Exponential Moving Average (EMA50) continues to support this bullish trend, which will remain valid as long as the price stays above $78.80. A drop below this support level and a sustained position beneath it would negate the bullish scenario.
The forecasted trading range for today is between support at $78.50 and resistance at $81.50.
Trend Forecast: Bullish
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