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Brent oil price has halted its decline around $86.25 and has bounced strongly at today’s open, aiming to recover recent losses and potentially confirm a return to the main bullish channel. This suggests a possible end to the bearish correction and a move towards achieving further gains in the intraday and short-term periods, with the next target anticipated at $92.35.
Given the technical indicators supporting a bullish bias for today, it’s important to note that failure to confirm a breach of $89.90 could halt the bullish rally and lead to a decline, with initial support expected at $87.67.
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Expected Trading Range: $88.50 (Support) – $91.00 (Resistance)
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Trend Forecast: Bullish
