In the analysis of Brent oil prices, it’s evident that the market exhibited significant positivity yesterday, surpassing the resistance level at $87.67 and closing the daily candlestick above it. This development marks a halt to the correctional bearish scenario and signals the initiation of a new bullish wave on both intraday and short-term bases, with the aim of achieving gains starting at $90.85.
With this momentum in mind, further upward movement is anticipated in the upcoming trading sessions. A breakthrough above $88.45 would strengthen the positive outlook, reinforcing the bullish trend. Conversely, a break below $87.67 would halt the bullish momentum and potentially lead to a return to the correctional bearish trajectory.
For today’s trading, the expected range is projected to be between a support level of $87.00 and a resistance level of $90.00.
Forecast: Bullish
