Brent oil price forecast update 08-04-2024

Brent Oil Price Analysis

Expected Scenario

• Brent oil price decline stopped at 89.15$ level, as the EMA50 formed good support that forces the price to rebound bullishly now, to hint heading to resume the main bullish wave without the need to visit the bullish channel’s support line as we mentioned this morning.
• We expect to witness more rise in the upcoming sessions, and the targets begin at 92.05$ and extend to 92.75$, noting that breaking 89.90$ will stop the bullish trend and push the price to turn to decline.

Expected Trading Range

Between 89.50$ support and 92.50$ resistance.