Brent Oil Price Analysis
Expected Scenario
Brent oil prices exhibited clear positive movements yesterday, attempting to breach the $87.67 level. However, today’s session started with a bearish bias, influenced by stochastic negativity. This bearish momentum might push the price to test the bullish channel’s support line around $86.90 before resuming its upward trend.
Maintaining a position above this support level sustains the bullish trend scenario for the near term, with targets set at $89.30, followed by $89.95. Conversely, breaking below this support could subject the price to negative pressure, potentially testing $86.00 and extending to $84.77 before any new upward movement.
Expected Trading Range
Support: $86.20
Resistance: $89.00
Trend Forecast: Bullish
