At the commencement of the trading day, Brent oil price has exhibited a discernible bullish inclination, suggesting a renewed push to continue its primary upward trajectory. The overarching bullish trend has its sights set on key milestones at 90.00, with further aspirations towards 92.35.
The ongoing bullish momentum remains robust, bolstered notably by the support of the EMA50, which has been propelling the price upwards. It is imperative to note that any breach of the 88.20 threshold could impede this optimistic scenario, potentially prompting a reversal towards a bearish stance.
For the current trading session, the projected trading range is expected to oscillate between the support level at 88.00 and the resistance at 91.00, reflecting the potential for price fluctuations in the Brent oil market.
In summary, Brent oil prices are currently demonstrating a renewed bullish drive, with key targets at 90.00 and 92.35 within its sights. The sustainability of this upward trajectory depends on the integrity of the 88.20 support level, which could potentially signal a shift towards a bearish trend if breached.
