In yesterday’s trading session, the price of Brent oil demonstrated a clear upward rally, surpassing the first anticipated target at $87.40. This significant breakthrough was accompanied by a positive close above this level, reinforcing expectations of continued dominance by the bullish trend.
Our analysis indicates that the next major target stands at $90.00, reflecting the ongoing bullish momentum. However, it’s important to note the possibility of temporary sideways fluctuations due to stochastic negativity before the anticipated upward movement resumes.
The validity of the bullish trend is contingent upon price stability above the $87.40 level, which serves as a critical support threshold.
For today’s trading activities, the expected trading range is outlined as follows:
– Support: $86.20
– Resistance: $89.30
In summary, our trend forecast remains bullish, with a focus on the continuation of the upward trajectory in the price of Brent oil. Investors should remain attentive to any fluctuations in market conditions.
