Brent oil price is fluctuating around the critical support level of $73.90. As mentioned in yesterday’s analysis, maintaining price levels above this support is essential for keeping the bullish trend intact, with the next target at $75.36.
Positive signals from the Stochastic indicator, coupled with support from the EMA50, suggest a higher probability of further upward movement in the coming sessions. However, a break below $73.90 could halt the bullish momentum and expose the price to negative pressure on an intraday basis.
Expected Trading Range for Today: $73.00 (support) – $75.80 (resistance)
Trend Outlook: Bullish
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