In the latest trading session, Brent crude oil surged past the crucial $84.77 threshold, marking a significant bullish breakthrough. Analysts anticipate this upward momentum to persist in both the intraday and short-term periods. Key price targets following this milestone are projected at $85.80 and $87.67, highlighting optimism among traders and market participants.
Supporting this optimistic outlook is the backing of the EMA50 support level, which further bolsters expectations of a sustained bullish trend. However, market sentiment could turn bearish if prices dip below the pivotal $84.77 mark, cautioning investors to monitor closely for any potential shifts in market dynamics.
Looking ahead, the anticipated trading range for today spans from the support level of $84.20 to the resistance at $87.00, underscoring the volatility and potential opportunities within the current market environment.
Forecast: Bullish Trend
The overall trend forecast remains bullish, reflecting ongoing confidence in the upward trajectory of Brent crude oil prices.
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