Brent crude oil experienced robust gains in trading yesterday, surpassing initial targets to settle at $84.77, driven by strong bullish sentiment. Despite stochastic indicators suggesting a potential downturn, market observers anticipate a resurgence in positive momentum that could propel prices beyond $85.80, marking further gains.
Analysts project a continued bullish outlook in the near term, contingent upon maintaining levels above $83.65. A breach of this support level, however, could signal a reversal, potentially driving prices down towards $82.40 before any renewed upward movement.
Looking ahead, the anticipated trading range for today spans from $83.00 support to $86.00 resistance, reflecting ongoing market volatility amid geopolitical and economic factors influencing oil prices.
Market Trend: Bullish
In summary, Brent crude oil remains on a bullish trajectory, bolstered by recent price movements and technical indicators pointing towards potential further gains.