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Brent crude oil prices attempted to break the $85.80 mark but ultimately ended yesterday above it, maintaining the bullish trend for the foreseeable future. The price needs to surpass the EMA50, which currently forms intraday resistance at $86.15, to bolster the chances of rallying towards our positive targets. These targets begin at $87.05 and extend to $88.50.
Therefore, we continue to suggest a bullish trend, provided the price remains stable above $85.80. Notably, falling below this level will halt the bullish wave and likely lead to a new bearish correction on an intraday basis.
The expected trading range for today is between $85.00 support and $87.90 resistance.
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