Brent oil price hits the target – Forecast today - 16-04-2024

Brent Oil Price Analysis

Expected Scenario

• Brent oil price succeeded to achieve our waited negative target at 89.00$ and bounced upwards strongly from there, to resume the bullish wave within the bullish channel that appears on the chart, expecting to achieve positive targets that start at 93.40$ and extend to 94.35$ after surpassing the previous level.
• Therefore, we are waiting for more expected rise in the upcoming sessions, supported by stochastic positivity, noting that breaking 89.20$ will stop the bullish trend and push the price to start bearish correction on the intraday basis.

Expected Outcome

The expected trading range for today is between 89.00$ support and 92.80$ resistance.