Brent oil prices have maintained their upward momentum, edging closer to the $88.00 barrier as they continue their ascent. Market analysts anticipate further gains, with projections indicating a potential rise to achieve new highs, starting at $88.40 and extending to breach the $90.00 per barrel mark as the next significant milestones.
While there may be some temporary sideways fluctuations due to current negativity in the stochastic indicator, the price remains supported by the EMA50 from below. This reinforces the bullish sentiment prevailing in the market, suggesting a continuation of the upward trend in the coming period, barring a decisive break below the support level at $86.74.
The expected trading range for today is anticipated to be between the support level of $86.00 and the resistance level of $89.00.
Overall, the trend forecast for Brent oil prices remains bullish, with investors eyeing further price appreciation in the near term.
