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Brent oil price has successfully reached our awaited initial positive target at 85.50, influenced by some slight bearish bias due to stochastic negativity. However, market observers anticipate a resumption of the bullish momentum, with the next target positioned at 86.74.
The bullish sentiment is further supported by the positive reinforcement from the EMA50, suggesting expectations of further upward movement in the upcoming sessions. It’s worth noting that a breach of the 83.87 level would halt the bullish wave and potentially initiate a reversal towards the downside.
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Today’s projected trading range is anticipated to oscillate between the support level at 84.00 and the resistance level at 87.00.
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Trend Forecast: Bullish
