In the latest analysis of Brent oil prices, the market demonstrates a sustained upward movement, buoyed by continued bullish momentum.
Continued Bullish Momentum
Brent oil prices persist in their upward trajectory, notably surpassing the EMA50 indicator. This upward momentum positions the market for further gains, with the next target set at $87.40, and anticipation of continued advancement towards the $90.00 mark.
Intraday Outlook
While the overall trend remains bullish, temporary sideways fluctuations may occur, attributed to stochastic negativity.
Bullish trend remains intact unless key support levels at $85.90 and $85.30 are breached.
Trading Range
For today’s trading session, the expected trading range for Brent oil prices is projected to range between $85.10 as support and $88.80 as resistance.
Trend Forecast: Bullish
Given the sustained bullish momentum and the absence of significant bearish signals, the forecast for Brent oil prices remains optimistic. Traders are advised to monitor price movements closely, particularly in relation to the identified support and resistance levels, for insights into potential market direction.
