Brent oil price has maintained a sideways trajectory in recent sessions, with stochastic indicators currently exhibiting positive overlap. This development suggests a potential resurgence in bullish momentum on an intraday basis, with our next target positioned at 86.74.
Consequently, our forecast continues to favor a bullish trend in the upcoming period. A breakthrough above the aforementioned level is anticipated to extend the bullish wave, targeting 88.40 as the subsequent positive objective. Conversely, a break below 83.87 would halt the anticipated ascent and potentially lead to a reversal in price direction.
Today’s anticipated trading range is projected to fluctuate between the support level at 84.60 and the resistance level at 87.60.
Trend Forecast: Bullish
