As of February 20, 2024, Brent oil prices have exhibited positive trades, nearing the $83.87 level once again. The market awaits a breakthrough of this level to confirm the extension of the bullish momentum on both intraday and short-term bases. The anticipated targets for the near term are set around the 85.55 areas.
The bullish trend remains a suggested scenario for upcoming sessions, with a key condition for price consolidation above $82.70 to achieve the awaited targets. A breach below this level would indicate a potential reversal, prompting a decline towards the main negative target at $81.00.
Traders are advised to monitor the expected trading range for the day, expected to fluctuate between the support level at $82.30 and the resistance level at $85.20.
In conclusion, Brent oil prices continue to strive for positive momentum, with targets set at $85.55. A key support level at $82.70 must be maintained for the bullish scenario to prevail, while a breach below may lead to a downturn towards $81.00.
