Brent oil price recently underwent a test of the support line within the bullish channel, rebounding from this level in a bullish manner. This development has upheld the validity of the bullish trend scenario on both intraday and short-term horizons. As the market progresses, it awaits an initial target at the 95.40 level, with the potential to advance further towards the subsequent main target at 96.80.
The current bullish wave is being supported by the presence of the EMA50, further reinforcing the credibility of the ongoing bullish sentiment. This bullish outlook will remain intact unless the price breaches the support level at 93.70, accompanied by a daily close below this level.
For today’s trading session, the expected trading range is projected to fall between the support level at 93.30 and the resistance level at 96.30. The predominant trend anticipated for the day is bullish.
Market participants are encouraged to monitor Brent oil prices closely, keeping an eye on developments that may impact the market, including supply and demand dynamics, geopolitical events, and economic indicators. Staying informed about the latest market conditions is crucial for making informed trading decisions.
