Brent oil price forecast update 29-04-2024

Key Points:

• Brent oil price has resumed positive trading, finding support on the minor bullish channel's support line.
• Oversold signals from stochastic indicators support the bullish sentiment, indicating potential upward movement.
• Main targets for the bullish wave are at $91.35 and $92.35 levels.
• The EMA50 is reinforcing the suggested bullish wave, which remains valid unless the price breaks $87.67 and holds below it.

Expected Trading Range:

The anticipated trading range for today is between $87.00 (support) and $90.00 (resistance).

Trend Forecast:

Bullish