Brent oil price successfully reached our initial target at 83.87, encountering robust resistance at this level. This resistance prompted a subtle bearish bias, influenced by the negative signals from the stochastic indicator, which is consolidating its positive momentum. This development is poised to act as a catalyst for the continuation of the anticipated bullish trend in the upcoming period. Notably, a breach of the aforementioned resistance at 83.87 would further extend the bullish wave, setting the next target at 85.35.
Conversely, it is essential to highlight that a breakdown below the support level at 82.70 would impede the anticipated upward trajectory, potentially leading to a reversal in the price movement.
Today’s projected trading range spans from the support level at 82.00 to the resistance level at 85.00.
Anticipated Trend for Today: Bullish
