Brent Oil Price Trends Higher Amid Bullish Channel Support

by Yuki

Brent oil price recently tested the support line of its bullish channel and has remained stable above this level. Today, it has started with a bullish bias, aiming to continue its upward trajectory within the bullish channel visible on the chart. The stochastic indicator is showing a positive overlap, suggesting that the price may rise further in the coming sessions. Our next main target is $87.67.

The EMA50 continues to support the anticipated bullish trend. However, if the price breaks below $84.77, this will halt the expected rise and could lead to a bearish wave, targeting the $82.42 area in the near term.

Expected Trading Range

Support: $85.00

Resistance: $87.80

Related topics:

Brent Oil Price Gains Momentum Towards Higher Targets

Brent Oil Holds Firm Above Key Support Amid Bullish Outlook

Brent Oil Price Holds Above Key Support Amid Positive Signals

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