Brent prices extended their gains in the intraday levels and confirmed the breach of the pivotal resistance of $71.35, amid the dominance of the upward correctional trend alongside the trend line, with positive signals from the RSI.

US crude prices trespassed the pivotal resistance of $67.95 in the intraday levels, buoyed by trading alongside the upward correctional trend line, with positive signals from the RSI.

Yesterday, the index experienced a new bearish crawl, achieving the additional bearish target around 102.95, and then had to form some sideways trading as a result of the Stochastic indicator exiting the oversold zone, as is evident in the attached chart.

We note that the continued bearish stability below the 61.8% Fibonacci retracement level at 103.80 compels us to maintain a bearish bias. We expect that once the price gains additional negative momentum, it will continue forming bearish waves, increasing the chances of reaching the next bearish target at 102.55.

The expected trading range for today is between 102.55 and 103.35.

Today's Price Forecast: Bearish

The pair’s price exploited the positive pressure resulting from the formation of the 55-period moving average as a new support, centered around 0.8185, in addition to the positive momentum exhibited by the Stochastic indicator. This allowed the price to surge recently above the stable resistance at 0.8255, marking its transition into an uptrend and recording tangible gains by reaching approximately 0.8330.

We expect the formation of a primary support level at 0.8260 in the current trading session. With the continued presence of key bullish momentum indicators, the price is anticipated to resume its upward drive, targeting 0.8372 soon. If this barrier is breached, 0.8415 will become the next primary target for the bullish move.

The expected trading range for today is between 0.8295 and 0.8372.

Today's Price Forecast: Bullish