Brent crude oil prices have sustained their upward momentum, breaching the 91.50 level decisively and securing a position above it. This development indicates a continuation of the bullish trend on both intraday and short-term scales, characterized by the formation of a bullish channel evident on the price chart. The next price target is set at 94.25.
Supporting this positive outlook is the presence of the EMA50, which provides robust support to the price, further reinforcing expectations of a continued rise in the upcoming trading sessions. This bullish scenario will remain valid unless the price manages to break below 91.50 and close below this level on a daily basis.
The anticipated trading range for today is expected to fluctuate between the support level at 91.00 and the resistance level at 94.00.
The prevailing trend for today suggests a bullish bias.
Traders are advised to closely monitor price movements, with a particular focus on potential entry and exit points, in line with these developments.
