Brent oil price within sideways track – Forecast today - 15-04-2024
Economies.com
2024-04-15 04:05AM UTC
Brent Oil Price Analysis
Attempted Breakout
Brent oil price attempted to surpass our first target at $91.30 and reached $92.50 areas.
However, it bounced downwards clearly to test the $90.00 barrier.
Expected Scenarios
- Continuation of the bearish bias suggested to visit the bullish channel’s support line around $89.25-$89.00.
- Breaching $91.50 will stop the bearish bias and push the price to resume the main bullish wave within the bullish channel.
- Target: Achieving new gains that reach $93.70.
Trading Range
The expected trading range for today is between support at $89.00 and resistance at $91.70.
Trend forecast: Bearish
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