The Brent oil price experienced a downward trend, reaching around 88.75, as of the latest trading session. However, recent market indicators suggest the potential for a bullish resurgence, with the price showing signs of positivity at the start of the day.
Market analysts anticipate that the Brent oil price may be on the verge of resuming its upward trajectory, with an initial target set at 90.30. Breaking through this resistance level could pave the way for further gains, possibly reaching 91.85, and ultimately setting sights on 93.40.
Stochastic indicators, which are currently displaying positive overlap, lend support to the notion of an impending price increase. Nevertheless, it is worth noting that failure to breach the 90.30 resistance level could lead to a return to the correctional bearish path.
In terms of today’s trading range, experts project support at 88.00 and resistance at 91.00. The overall trend for today is expected to be bullish, provided that the resistance level at 90.30 can be overcome.
