Brent oil price forecast update 01-05-2024
Economies.com
2024-05-01 10:07AM UTC
Brent Oil Price Analysis: Expected Scenarios
Brent oil price resumes its negative trading to surpass 86.00$ barrier and reinforce the domination of the bearish trend on the intraday basis, and the way is open to achieve our waited target at 84.77$, reminding you that surpassing this level will push the price to achieve additional bearish correction that its next target reaches 82.40$.
- Bearish trend scenario
Therefore, we will continue to suggest the bearish trend for the upcoming sessions unless the price breached 87.67$ and hold above it.
- Bearish trend continuation
The expected trading range for today is between 84.60$ support and 87.70$ resistance.
Trend forecast: Bearish
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