Brent oil price surpasses the target, and completes positive pattern – 26-01-2024

neft1Brent oil price breached 81.00 level clearly and ended yesterday above it, and by taking a deeper look at the chart, we find that this breach completed forming double bottom pattern that has positive targets that surpass 83.87 to reach 86.74 on the near-term basis.

Therefore, we will continue to suggest the bullish trend for the upcoming period supported by the EMA5 that carries the price from below, noting that breaking 81.00 will stop the expected rise and push the price to turn to decline.

The expected trading range for today is between 80.70 support and 83.70 resistance.

The expected trend for today: Bullish

Origin: Economies

 

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