Yesterday, Brent crude oil exhibited significant bullish momentum, exceeding the initial target of $83.70 to reach $84.77. However, stochastic indicators suggest a potential bearish correction, awaiting renewed upward momentum to sustain positive trading and potentially breach the $85.80 mark.
Analysts expect the bullish scenario to hold in the near term, cautioning that a drop below $83.65 could reverse the trend, triggering a decline towards the $82.40 support level before any recovery attempts.
Projected Trading Range
Today’s anticipated trading range is expected to fluctuate between a support level of $83.00 and a resistance level of $86.00.
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