Brent oil price cancels the negative pattern – Forecast today - 11-04-2024

Brent Oil Price Analysis

Expected Scenario

• The Brent oil price rallied strongly, breaching the 90.95$ level and settling above it.
• This action stops the previously suggested negative scenario and resumes the main bullish trend within the bullish channel.

Expected Outcome

The expected outcome is for the bullish trend to continue, targeting 92.30$ followed by 93.45$ levels as next main stations.

Stochastic current negativity might cause some temporary sideways fluctuation before resuming the expected rise.

Expected Trading Range

Between 90.00$ support and 92.80$ resistance.