Brent oil prices recently made strides towards the 91.50 level, marking positive trading sessions. However, the market subsequently experienced a downturn as it strives to re-establish the anticipated bearish correction in the intraday context. This pullback is influenced by the currently observed negative overlapping signal from the stochastic oscillator. It is pertinent to note that the initial target for this corrective movement is situated at 89.25.
Conversely, a significant development to watch for is the breach of the 91.50 level, which could potentially propel the price to resume the primary bullish trend, opening the door for further gains that may initiate with a visit to the 93.60 region.
For today’s trading, the projected range is expected to fluctuate between the support level at 89.00 and the resistance barrier at 91.00. Traders should closely monitor this range for potential shifts in market sentiment.
In conclusion, Brent oil prices have undertaken a recovery attempt, albeit amidst intraday volatility. The market remains poised for a bearish correction targeting 89.25, contingent upon the negative signals from the stochastic oscillator. However, a breakthrough of 91.50 could signal a resurgence of the bullish trend.
