Brent oil prices encountered robust resistance around the 93.00 level, leading to a temporary dip in bullish momentum. However, the market currently finds support along the bullish channel’s lower boundary, signaling the potential for a resurgence in the bullish trend. This resurgence is bolstered by positive signals from the stochastic oscillator and further reinforced by support from the EMA50.
As we look ahead, the prevailing outlook suggests a continuation of the bullish trend in the upcoming period. It is crucial to monitor price stability above the 92.05 and 91.50 levels, as they are pivotal in achieving the anticipated price targets.
Today’s projected trading range is expected to fall between the support level at 91.20 and the resistance level at 94.20.
For today’s trend, the market sentiment remains bullish, with traders closely watching for further upward momentum in Brent oil prices.
