Brent oil price forecast update 29-04-2024
Economies.com
2024-04-29 09:54AM UTC
Brent Oil Price Analysis
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
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