Brent oil prices have resumed their upward trajectory, breaching the 89.00$ barrier. This surge reinforces expectations for the continuation of the bullish trend in the upcoming period, with the next target positioned at 90.00.
The presence of the Exponential Moving Average 50 (EMA50) provides steadfast support for the envisaged bullish wave. The objectives of this bullish momentum extend to 92.35 after surpassing the previous level. However, it’s worth noting that stochastic indicators may introduce some periodic sideways fluctuations before the anticipated upward movement resumes.
Maintaining a position above the critical level of 88.20 is of paramount importance to sustain the positive scenario. A breach of this level could trigger a corrective bearish wave on an intraday basis before potential resurgence.
As traders engage with the market, they should be prepared for potential price oscillations. The expected trading range for today is anticipated to range from 87.55 as support to 90.70 as resistance.
Projected Market Trend for Today: Bullish
