Brent oil price forecast update 16-04-2024

Economies.com
2024-04-16 09:52AM UTC

Brent Oil Price Forecast

  • Brent oil price finds solid resistance at 90.90$, to show negative trades and test the EMA50 that forms key minor support at 90.00$, and the price needs to hold above this level as a first condition to the continuation of the expected bullish trend for today, which its next target located at 93.40$.
  • On the other hand, we should note that breaking 90.00$ followed by 89.20$ levels will put the price under more negative pressure to head towards visiting 87.40$ areas on the near-term basis.

The expected trading range for today is between 89.00$ support and 92.80$ resistance.

Trend forecast: Bullish

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