Expected Scenario
Brent oil price has resumed its upward trajectory and is presently testing the EMA50. Further upward movement is anticipated to target $84.77, representing the primary objective of the ongoing bullish wave, thereby maintaining a positive outlook on an intraday basis.
It is crucial to acknowledge that the current uptrend is deemed temporary unless there is a breakout above $84.77 and a sustained hold beyond it. Failure to breach this level could result in a resurgence of the primary bearish trend, with targets set at $82.40 and potentially extending to new negative thresholds around $80.08.
Expected Trading Range
The anticipated trading range for Brent oil spans between support at $82.20 and resistance at $85.10.
Trend Forecast: Bullish
