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The price of Brent oil has been maintaining a position around the 85.55 level since yesterday, benefiting from continuous support from the EMA50. This consolidation is in anticipation of a revival of the anticipated bullish trend in the near future, targeting key levels at 86.70 and subsequently 88.22.
It’s important to monitor the breach of the 85.80 level as it would facilitate the achievement of the projected upward movement. Conversely, a break below 84.33 would exert downward pressure on the price, potentially initiating a new bearish correction in the short term.
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The expected trading range for today is between 84.50 as support and 87.50 as resistance.
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Projected trend for today: Bullish
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