The price of Brent oil continues its upward trajectory as of today, April 2, 2024.

Having experienced further gains in recent sessions, Brent oil reached the $88.50 mark, reinforcing expectations for a sustained bullish trend in the short term. This upward movement is occurring within the confines of a bullish channel, clearly visible on the chart, and sets the stage for the next anticipated target of $90.00.

Market analysts are anticipating additional increases in the coming sessions, supported by the EMA50 indicator. However, a potential break below $87.40 could lead to a test of the support line within the aforementioned channel, around $86.10, before any renewed attempts at upward movement.

For today’s trading, the projected range is between support at $87.00 and resistance at $90.00.

Overall trend forecast: Bullish.