Brent oil price begins negatively – Forecast today - 29-04-2024

Brent Oil Price Analysis

Brent oil price rebounds bearishly after testing 89.50$ level, to head towards testing the key support 87.67$, noticing that the price is moving within minor bullish channel that supports the chances of resuming the bullish trend in the upcoming sessions, accompanied by witnessing clear positive signals through stochastic.

Therefore, these factors encourage us to continue suggesting the bullish trend, which its next targets located at 91.35$ followed by 92.35$, noting that breaking 87.67$ will stop the bullish wave and push the price to achieve more bearish correction.

Expected Trading Range

• Support: 87.00$
• Resistance: 90.00$

Trend forecast: Bullish