Brent oil price consolidates below the resistance – Forecast today - 10-05-2024
Economies.com
2024-05-10 03:57AM UTC
Brent Oil Price Analysis
Expected Scenario
The Brent oil price continues to fluctuate around the $84.77 level, maintaining a daily close below it, suggesting a bearish trend for the near future with a target of $82.40.
The EMA50 is exerting negative pressure, supporting the continuation of the expected bearish wave, which is based on the completion of a double top pattern visible on the chart. Breaking above $84.77, followed by surpassing $85.80, would invalidate the expected decline and signal a potential attempt to regain the main bullish trend.
Expected Trading Range for Today
Between the support at $83.00 and the resistance at $86.00
Trend Forecast: Bearish
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