Brent oil prices have once again found support along the lower boundary of the bullish channel, starting the trading session on a positive note. This upward movement brings the market closer to the primary resistance level within the bullish channel, situated at 95.20. A successful breach of this level is anticipated to pave the way for a potential rally towards the next significant target at 96.80.
Adding further support to this upward trend is the EMA50, which continues to underpin the price from below, reinforcing the prospects of a continued bullish trajectory. It’s essential to keep in mind that a break below 94.05 would disrupt the expected ascent, possibly leading to a reversal.
For today, the expected trading range oscillates between the support level at 93.80 and the resistance level at 96.80.
In summary, Brent oil prices are currently advancing towards a critical resistance level, with the overall sentiment favoring a bullish trend. Traders should closely monitor price developments, especially the mentioned support and resistance levels, when formulating their trading strategies.
