Brent oil price forecast update 26-03-2024

Brent Oil Price Analysis

• Brent oil price trades positively now to hint heading to resume the expected bullish trend on the intraday basis, waiting to test 87.40$ initially, which breaching it represents the key to rally towards 88.40$ as a next main target.
• Stochastic's current negativity might cause some temporary sideways fluctuation before resuming the expected rise, which gets continuous support by the EMA50, noting that breaking 86.25$ will push the price to turn to decline on the intraday basis and head to visit 85.30$ initially.

The expected trading range for today is between 85.60$ support and 88.60$ resistance.

Trend forecast: Bullish