Following a bullish rebound from the critical support level at $87.67, the Brent oil price has resumed its anticipated upward trajectory on an intraday basis. It is poised to target positive levels, with initial objectives set at $91.35 and extending to $92.35.
Although stochastic indicators currently display some negativity, this may prompt temporary sideways movement before the bullish momentum resumes. It’s crucial to note that the bullish scenario remains intact unless the price breaches $87.67 and maintains a daily close below this level.
Expected Trading Range:
Market participants should anticipate trading within the range defined by the support level at $87.70 and the resistance level at $90.70.
Trend Forecast:
The prevailing trend forecast remains bullish, supported by the recent uptick from the key support level. Investors are encouraged to monitor price movements closely, particularly the critical support level, as it could influence the continuation of the bullish momentum.
