The Brent oil price experienced a discernible downturn during the preceding trading session, culminating in a pivotal test of the lower boundary of the bullish channel delineated on the chart. This price action coincided with the stochastic oscillator entering the oversold territory, fostering a constructive context that is anticipated to catalyze a bullish resurgence. This resurgence, in turn, is expected to reignite the prevailing bullish trajectory.
Consequently, the outlook for the day remains favorably skewed towards a bullish orientation. Initial target levels of note commence at 87.65, subsequently extending to 89.00. It is imperative to acknowledge that a breach beneath 86.30 has the potential to arrest the proposed bullish impetus, consequently steering the price towards a corrective descent.
In the context of the day’s trading, the projected range spans between the support base at 85.20 and the resistance threshold at 88.50. Against this backdrop, the envisaged trend for the day remains firmly entrenched in the realm of bullish sentiment.