Brent crude oil prices faced temporary downward pressure, dipping below 92.74 briefly. However, they have since rebounded strongly, breaking through the resistance of a correctional bearish channel that is visible on the chart. This breakout has propelled the price upward, indicating a shift towards a resumption of the primary bullish trend. The next target for price gains is the recently recorded high at 96.05.
Consequently, we anticipate a prevailing bullish sentiment in the upcoming trading sessions, further supported by the presence of the EMA50, which is acting as a bolster from below. It’s important to note that a breach of the 92.74 level would invalidate this positive scenario, subjecting the price to renewed correctional bearish pressures.
The expected trading range for today is projected to be between the support at 93.20 and the resistance at 96.20.
Anticipated Market Trend for Today: Bullish
