Brent oil price forecast update 25-03-2024

Brent oil price got rid of the negative pressures to start recovering and providing positive trades that reinforce the expectations to rise for the rest of the day, waiting to return to the bullish channel to add more confirmation to the continuation of the positive scenario.

The technical indicators and the outlook

• The technical indicators provide positive signals to reinforce the expectations to rise and achieve our targets that start at 87.40$ and extend to 88.40$.

The expected scenarios

• The bullish trend will remain suggested for today, and the price needs to exit the sideways range the dominates the current trades to reinforce the positive overview.

• On the other hand, breaking 85.30$ followed by 84.55$ levels will turn the intraday track downwards, to start bearish wave that targets 83.50$ areas initially.

Expected trading range and price overview

The expected trading range for today is between 84.60$ support and 87.50$ resistance.

Trend forecast: Bullish