Brent oil prices are currently engaged in sideways trading patterns, edging closer to a potential test of the support line within the bullish channel. Stochastic indicators depict clear positive momentum, signaling a possible impetus for the price to resume its primary upward trajectory, with the next target set at $93.40.
The outlook maintains the validity of the bullish trend for the foreseeable period. However, it’s essential to highlight that a breach below the $89.00 support level could interrupt the bullish momentum and potentially initiate a bearish correction on an intraday basis.
The expected trading range is anticipated to fluctuate between the support level of $88.60 and the resistance level of $91.50.
Despite the current sideways movement, forecasters uphold a bullish outlook for Brent oil prices, with expectations of continued positive momentum in the near term.
