Brent oil exhibited robust upward movement in yesterday’s trading session, exceeding the anticipated target of 86.74 and concluding the daily candlestick above this threshold. This accomplishment reinforces the prevailing sentiment of an extended bullish wave, with expectations pointing towards a visit to the 88.40 level, marking the next target. Analysts anticipate the bullish trend to persist in the forthcoming sessions.
However, despite the overall bullish outlook, some caution is warranted as the Stochastic indicator currently shows signs of negativity. This could potentially lead to temporary sideways fluctuations before the anticipated upward trajectory resumes. It’s important to highlight that a breach of the 86.74 level would halt the bullish momentum, triggering a period of bearish correction before the resumption of upward movement.
Today’s projected trading range is expected to oscillate between a supportive level of 86.00 and a resistance level of 88.80.
Trend Forecast: Bullish
