Brent Oil Price Analysis:
Brent oil price maintains its bullish trajectory, approaching the anticipated target at $84.77. While facing resistance from the upper boundary of a correctional bearish channel, the price is supported by the EMA50.
Future Outlook:
The bullish trend is expected to persist, with a potential breach of the target level paving the way for further gains towards $85.80 and $86.90 as subsequent positive stations.
Trend Analysis:
Continued bullish momentum is anticipated, although consolidation around the $84.77 level could trigger a temporary bearish rebound, potentially testing support at $82.40.
Expected Trading Range:
The projected trading range for Brent oil is between the support level of $83.00 and the resistance level of $86.00.
In summary, Brent oil price remains on a bullish trajectory, nearing the target level with potential for further upside movement. Traders should monitor price behavior closely for any signs of consolidation or reversal around the target level.
