Brent oil price forecast update 22-05-2024

Brent Oil Price Analysis

Expected Scenario

• Brent oil price managed to break 82.45$ and close the last four hours’ candlestick below it, to support the continuation of the expected bearish trend efficiently for the rest of the day, opening the way to head towards our next target at 80.08$.
• The EMA50 keeps supporting the suggested bearish wave, noting that holding below 82.45$ is important to guarantee the continuation of the expected decline.

Expected Trading Range

Between 80.60$ support and 83.60$ resistance.