Brent oil price forecast update 19-04-2024
Economies.com
2024-04-19 10:43AM UTC
Brent Oil Price Analysis
Expected Scenario
- The Brent oil price bounced downwards strongly and couldn’t manage to confirm the return to the bullish channel.
- It attacked the 87.67$ level and headed towards a potential return to the correctional bearish trend.
- We expect domination of the bearish trend in the upcoming sessions, targeting 84.77$ areas as the next negative station.
- Therefore, we expect to witness more decline for the rest of the day.
- Noting that trading above 87.67$ again will lead the price to recover and achieve gains that start at 90.10$ followed by 92.35$.
Expected Trading Range
Between 85.50$ support and 88.00$ resistance.
Trend Forecast: Bearish
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