Brent oil price forecast update 19-04-2024

Economies.com
2024-04-19 10:43AM UTC

Brent Oil Price Analysis

Expected Scenario

  • The Brent oil price bounced downwards strongly and couldn’t manage to confirm the return to the bullish channel.
  • It attacked the 87.67$ level and headed towards a potential return to the correctional bearish trend.
  • We expect domination of the bearish trend in the upcoming sessions, targeting 84.77$ areas as the next negative station.
  • Therefore, we expect to witness more decline for the rest of the day.
  • Noting that trading above 87.67$ again will lead the price to recover and achieve gains that start at 90.10$ followed by 92.35$.

Expected Trading Range

Between 85.50$ support and 88.00$ resistance.

Trend Forecast: Bearish

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