Brent oil prices surged strongly yesterday, reaching the $85.80 level and breaking through the resistance of a correctional bearish channel at today’s open. This suggests a potential halt to the bearish correction and a return to upward momentum. However, stochastic indicators indicate clear overbought signals, which could lead to price declines in upcoming sessions.
Given this uncertainty, it is prudent to wait for clearer signals before predicting the next trend. A breakthrough above $85.80 could lead to further gains, targeting levels of $86.95 and $88.50 as subsequent bullish milestones. Conversely, breaking below $85.20 would likely signal a return to the correctional bearish path, targeting support levels at $84.10 and $82.74 in the short term.
Today’s expected trading range is between support at $84.30 and resistance at $87.40.
Trend Forecast: Neutral
