Brent oil price exhibited a notable upward surge, surpassing the $82.00 mark and nearing the significant resistance level at $83.87. The trajectory appears conducive to sustained upward momentum, creating expectations for an extension of the rise and a potential breakthrough of the aforementioned resistance. This breakthrough could pave the way for additional gains, targeting $85.35 as the subsequent positive station.
The prevailing outlook anticipates the continuation of a bullish bias in the upcoming sessions. However, it is prudent to consider that the consolidation against the current rally at the $83.87 level may act as a potential hindrance to the positive scenario. In such a scenario, the price could experience a bearish rebound, directing it towards a visit to the 61.8% Fibonacci correction level at $81.00.
As traders navigate the market, the expected trading range for today is anticipated to fluctuate between support at $82.00 and resistance at $85.10. The overall trend for today remains bullish, emphasizing the potential for further positive movements amid the evolving dynamics of the market.
