Brent oil price completes negative pattern – Forecast today - 30-04-2024

Brent Oil Price Analysis

Brent oil price is facing negative pressure to test the key support at $87.67. Upon deeper analysis of the chart, it appears that the price has completed forming a bearish flag pattern, indicating the potential for further decline in the upcoming sessions. However, stochastic indicators show positive signals that may protect the price from significant losses.

Therefore, the contradiction between technical factors leads us to prefer staying aside until a clearer signal for the next trend emerges. Breaking the mentioned support at $87.67 will likely result in intraday losses, with the next main station at $84.77. On the other hand, breaching the resistance at $88.55 is key to resuming the main bullish wave and targeting $91.35 followed by $92.35 levels.

Expected Trading Range

• Support: $86.40
• Resistance: $89.50

Trend Forecast

Neutral