Brent oil price forecast update 24-04-2024

Analysis of Expected Scenarios

• Brent oil price trades with slight negativity to head towards potential test to the key support 87.67$, affected by stochastic negativity, and as long as the price is above this level, our bullish overview will remain valid for today, which targets 90.85$ areas as next main stations.
• Breaching 88.45$ is required to ease the mission of achieving the suggested target, while breaking 87.67$ represents negative factor that will put the price under the correctional bearish pressure again, to head towards visiting 84.77$ areas on the near-term basis.

The expected trading range for today is between 87.00$ support and 90.00$ resistance.

Trend forecast: Bullish