Brent crude oil prices have recently tested a critical support level at $84.77 and are maintaining stability above it. This stability is complemented by clear positive signals from the stochastic indicator, suggesting a potential continuation of the bullish trend.
According to market analysts, the next target for the bullish movement is anticipated to be around $87.67. The market’s bullish momentum appears to be structured within an upward channel, indicating a systematic upward trajectory.
However, analysts caution that a break below the support level at $84.77 would nullify the expected upward movement and could potentially trigger a bearish turn in prices.
Expected Trading Range
For today’s trading session, analysts foresee a trading range between a support level of $84.00 and a resistance level of $86.80. This range is expected to guide market movements as traders assess further price developments.
Related topics:
Brent Oil Price Outlook Points to Continued Rise
