Brent Oil Price Analysis
Expected Scenario
Brent oil price traded with strong positivity yesterday, surpassing our first waited target at 83.70$ to reach the thresholds of the second target at 84.77$. It might show some bearish bias affected by stochastic negativity, waiting to gather positive momentum to push the price to resume positive trades and surpass the last level to achieve additional gains up to 85.80$.
Therefore, the positive scenario will remain valid for the upcoming period, noting that breaking 83.65$ will stop the bullish bias and push the price to decline towards 82.40$ areas before any new attempt to rise.
Expected Trading Range
The expected trading range for today is between 83.00$ support and 86.00$ resistance.
Trend Forecast: Bullish
Origin: Economies
