Brent oil prices faced significant negative pressure yesterday, dipping to the $80.60 level. However, the price found support above the bullish channel’s lower boundary and has started to rise again as of today, indicating a potential continuation of the main bullish trend. Positive targets now lie at $82.80, followed by $84.00.
Stochastic indicators are providing a positive signal, further supporting the expectation of continued upward movement in the coming sessions. However, a break below $81.25 would halt the bullish momentum and could trigger a bearish correction on an intraday basis.
For today, the expected trading range is between $80.50 on the downside and $83.50 on the upside.
Trend forecast: Bullish