Brent crude oil has embarked on fresh attempts to breach the critical barrier at 90.30. However, it is currently grappling with the challenge of surpassing this level. Market participants are eagerly awaiting a strong bullish catalyst to support the price in overcoming this resistance. Successfully breaching this level would pave the way for an upward rally, targeting new highs starting at 91.85 and extending to 93.40.
For the anticipated upward momentum to persist, it’s crucial for the price to remain above the support level at 89.45. A breach of this support would potentially trigger a downturn, sending the price lower towards the 38.2% Fibonacci correction level at 86.75 before the next course of action becomes apparent.
Today’s trading range is expected to be bounded by support at 88.00 and resistance at 91.30.
The prevailing trend for today is characterized as bullish.
