Brent oil price forecast update 11-04-2024

Brent Oil Price Analysis

Expected Scenario

• Brent oil price trades with clear negativity to press on 90.30$ level and attempts to break it, to hint heading to visit the bullish channel’s support line in the upcoming sessions, motivated by stochastic negativity that appears clearly now.
• Therefore, the bearish bias will be expected on the intraday basis, and the main target is located at 88.25$, taking into consideration that consolidating above 90.30$ will stop the current negative pressure and lead the price to resume the main bullish track again.

Expected Trading Range

Between 89.00$ support and 91.50$ resistance.