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
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