Brent oil prices experienced noticeable downward pressure in the previous session, evident in the breach of the support line of the bullish channel and subsequent settlement below it. Despite this, the EMA50 has proven to offer substantial support, mitigating further losses. Additionally, positive signals from stochastic indicators indicate the potential for a new bullish wave, with targets set at $87.40 and extending to $88.40.
Consequently, a bullish bias is anticipated for today’s trading, with the caveat that a break below $85.40 could halt the suggested uptrend and prompt further declines, with a potential target set at $84.55.
For today’s trading range, analysts foresee fluctuations between the support level at $84.50 and resistance at $87.50.
Overall Trend Outlook: Bullish
