Brent oil price attempts to consolidate positively – Forecast today - 22-03-2024

Brent oil price faced clear negative pressure yesterday, as it broke the bullish channel’s support line and settled below it, but we notice that the EMA50 forms good support to protect the price from suffering more losses, accompanied by witnessing positive signals through stochastic, which supports the chances of building new bullish wave and head to achieve positive targets that start at 87.40$ and extend to 88.40$.

Therefore, the bullish bias will be expected for today, noting that breaking 85.40$ will stop the suggested rise and push the price to achieve additional decline that targets testing 84.55$ as a next negative station.

The expected trading range for today is between 84.50$ support and 87.50$ resistance.

Trend forecast: Bullish