Brent oil price tests the resistance – Forecast today - 23-04-2024

Brent Oil Price Analysis

Expected Scenario

• Brent oil price is currently testing the key resistance at 87.67$. Stochastic indicates a loss of positive momentum, reaching overbought levels, while the EMA50 exerts downward pressure on the price.
• Given these factors, a bearish bias is anticipated in the upcoming sessions, aiming to visit the next correctional level at 84.77$. However, breaking above 87.67$ will invalidate the bearish correction and signal a return to the main bullish trend.

Expected Trading Range

Between the support at 85.60$ and the resistance at 88.60$