Brent oil price covers its losses – Forecast today - 19-04-2024

Brent Oil Price Analysis

Expected Scenario

• Brent oil price decline stopped around 86.25$, and bounced upwards strongly by today’s open to cover the recent losses and attempt to confirm the return to the main bullish channel again, to hint stopping the bearish correction and head to achieve more expected gains on the intraday and short-term basis, waiting to test 92.35$ as a next positive station.
• Therefore, the bullish bias will be suggested for today, supported by the technical indicators, taking into consideration that failing to confirm breaching 89.90$ will stop the bullish rally and push the price to decline and test 87.67$ initially.

Expected Outcome

The expected trading range for today is between 88.50$ support and 91.00$ resistance.