Brent oil prices struggled to sustain trading above the support line of the bullish channel for an extended period, resulting in a downturn towards the key support level of 90.30. At the same time, the stochastic oscillator has gained significant positive momentum, indicating potential opportunities for an intraday rebound.
The discrepancy between technical indicators suggests it may be prudent to await a clearer signal for the next trend. Notably, a breach of the 92.30 level will likely drive the price back onto the main bullish path, with potential gains targeting 94.00 and extending to 96.05. Conversely, a break of the 90.30 support level is pivotal for a resumption of the bearish correction, leading to negative targets beginning at 89.20 and potentially reaching 86.75 in the near term.
Today’s expected trading range is between support at 90.00 and resistance at 93.00.
Today’s trend is expected to be neutral.
