Brent oil prices exhibited a robust upward rally in the previous session, achieving strong gains and surpassing our initial target at 90.00. The market has now approached the second anticipated target at 92.35, solidifying the expectation of continued bullish dominance on both the intraday and short-term horizons. Furthermore, our next primary objective is to reach the 93.20 price level.
The prevailing bullish trend remains robust and active for the foreseeable future. However, it is crucial to monitor the price’s behavior around the 89.10 level, as a breach of this support may result in a corrective bearish phase before a potential resumption of the uptrend.
For today’s trading session, the expected trading range is projected to extend from the support level at 89.20 to the resistance level at 92.30.
In summary, Brent oil prices have experienced a substantial surge, with a continued bullish trend anticipated. The current focus is on attaining higher price levels, but caution is advised around the 89.10 support level to assess any potential corrective movements.
