Brent crude oil, in a display of robust optimism, exhibited significant upward movement during the preceding Friday’s trading session, surging towards the formidable barrier at $87.00. This pronounced ascent serves to fortify the prevailing anticipations of a sustained bullish trajectory in both the intraday and short-term realms. It is worth reiterating that the subsequent target remains firmly set at $87.65.
The Stochastic oscillator is diligently endeavoring to shed its prior negative momentum, orchestrating a shift towards positive impetus that lends support to the resumption of the envisaged bullish wave. It is noteworthy that any breach of the $85.85 level may engender a reevaluation, potentially leading the price to assess the support line of the bullish channel, situated around $84.65, before entertaining any fresh upward endeavors.
Anticipating the day’s trading dynamics, market participants are advised to heed a trading range demarcated by the support level of $85.00 and the resistance level of $88.00. The prevailing trajectory for the day staunchly maintains a bullish orientation.