Brent oil price tests the support base – Forecast today - 25-04-2024

Brent Oil Price Analysis

• Brent oil price is testing 87.67$ level, which forms key support after breaching it previously, accompanied by stochastic getting rid of its negative momentum and approaching the oversold areas, which forms positive motive that we are waiting to push the price to resume the expected bullish trend on the intraday basis, which its next main target located at 90.85$.

Expected Scenarios

• Therefore, we will continue to suggest the bullish trend for the upcoming period, and the price needs to breach 88.45$ to add more confirmation to the positive scenario, reminding you that the continuation of the bullish wave requires holding above 87.67$.

Trading Range

• The expected trading range for today is between 87.00$ support and 90.00$ resistance.

Trend forecast: Bullish