In a promising development, the price of Brent crude oil is exhibiting positive momentum, surging beyond the $91.00 threshold and endeavoring to consolidate its position above it. This trend augurs well for the continuation of the anticipated bullish trajectory in the intraday and short-term perspectives. Market indicators suggest a potential move towards the resistance of the bullish channel, currently situated at $92.35, with further upward momentum potentially leading to a target of $94.05.
The established bullish channel remains instrumental in orchestrating the primary bullish wave. However, analysts caution that a breach below $90.10 could trigger a temporary downturn, prompting a test of the support line within the channel, approximately at $87.90, before any renewed bullish endeavors.
Presently, the projected trading range spans between the support level at $90.00 and the resistance level at $93.00, reflecting the prevailing market sentiment.
Trend Outlook: Bullish
