Brent crude oil‘s price surged robustly after nearing the initial projected target of 89.20, subsequently breaching the 90.30 level and reaching the former support line of the bullish channel. It’s worth noting that the price has begun the day with further positive momentum, with an attempt to return to this channel. This development suggests a potential return to the primary bullish trend and the pursuit of additional gains, targeting 94.40, followed by 96.05.
The anticipated trend in the upcoming sessions is likely to remain upward, supported by the EMA50, which is currently providing underlying support. However, it’s essential for the price to establish consolidation above 92.0; otherwise, the positive scenario could be halted, leading to a potential price decline.
The projected trading range for today is expected to fluctuate between support at 91.00 and resistance at 94.00, with a prevailing bullish trend.
