Brent crude oil price has approached the critical support level of $87.67, a level that previously served as a significant barrier before being breached. Concurrently, the stochastic indicator shows signs of shedding its negative momentum and edging closer to oversold territories. This development signifies a positive momentum shift that could potentially drive the price to resume its anticipated bullish trajectory on an intraday basis, with the next major target set at $90.85.
Expected Scenarios:
Based on current indicators, we maintain a bullish outlook for the foreseeable future. However, for further confirmation of the positive scenario, the price would ideally need to surpass the $88.45 mark. It is important to note that sustaining the bullish momentum necessitates the price remaining above the crucial support level of $87.67.
Trading Range:
The anticipated trading range for the day is anticipated to fluctuate between the support level of $87.00 and the resistance level of $90.00.
Trend Forecast: Bullish
