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Today, the Brent oil price exhibits a bearish rebound subsequent to testing the $89.50 level, aiming towards testing the crucial support level at $87.67. It is noteworthy that the price movement is contained within a minor bullish channel, thereby bolstering the likelihood of a resurgence in the bullish trend in the upcoming sessions. Additionally, clear positive signals from the stochastic indicator further support this outlook.
Given these factors, we maintain our bullish stance, with the next targets identified at $91.35 and $92.35. It is essential to highlight that a breach of the $87.67 support level would halt the bullish momentum and potentially initiate further bearish correction.
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Expected Trading Range:
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- Support: $87.00
- Resistance: $90.00
Trend Forecast: Bullish
