Brent oil price forecast update 23-05-2024

Brent Oil Price Analysis

Expected Scenario

• Brent oil price provides positive trades now to approach testing the key resistance line 82.45$, and as long as the price is below this level, our bearish overview will remain valid for today.
• Supported by the negative pressure formed by the EMA50, which supports the continuation of the bearish wave within the bearish channel that appears on the chart, reminding you that our next main target reaches 80.08$.

Expected Trading Range

Between 80.00$ support and 82.80$ resistance.