After experiencing sideways fluctuations in recent sessions, Brent oil prices have shown resilience by achieving the anticipated target of $85.80. Analysts predict a continuation of positive momentum, supported by a bullish channel evident on the charts, with the next target set at $87.67.
The ongoing bullish trend scenario is expected to persist in the near term, barring a significant drop below the support level of $84.77. Such a decline could reverse the current upward trajectory and signal a potential shift to bearish sentiment.
In terms of expected trading range, market indicators suggest a range bound between support at $84.40 and resistance at $87.40.
Investors and traders are closely monitoring these levels amid fluctuating market dynamics and global economic factors influencing oil prices.
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Brent Crude Oil Analysis: Expected Market Scenario
