In a notable surge, Brent crude oil prices have surged past the initial target of $86.70, edging closer to the second projected level at $88.22. Analysts are now predicting the possibility of a continued bullish trend, with potential gains taking aim at the psychological threshold of $90.00.
This positive trajectory is further substantiated by the EMA50, which consistently underpins the price action from beneath. However, it is essential to monitor the market closely, as a breach of the $86.25 support level could potentially disrupt the optimistic outlook and trigger a reversal in price.
As we examine the expected trading range for today, it is anticipated to fluctuate between support at $86.25 and resistance at $89.30.
In summary, the prevailing trend appears to be favoring the bulls, with indications pointing towards further upward movement in the near term.
Projected Trend for Today: Bullish