Brent oil price faces negative pressures – Forecast today - 21-03-2024

Brent oil price continued to decline to reach 85.80$ level, noticing that the price begins to rise again, as it moves inside bullish channel that we expect to push the price to achieve gains in the upcoming sessions, and the targets begin by surpassing 87.40$ to confirm opening the way to head towards 88.40$ followed by 90.00$ levels as next main targets.

Therefore, the bullish bias will be expected for today, supported by the positive overlapping signal provided by stochastic, noting that breaking 86.00 will stop the bullish wave and push the price to suffer additional losses that reach 84.55$.

The expected trading range for today is between 85.50$ support and 88.50$ resistance.

Trend forecast: Bullish