Brent oil price resumes the bearish correction – Forecast today - 06-05-2024

Brent Oil Price Analysis

Expected Scenarios

• Brent oil price bounced bearishly after testing 84.77$ level in the previous sessions, to head towards resuming the correctional bearish track that targets 82.40$ as a next negative station, noting that breaking it will push the price towards 80.08$ as a next negative target.
• The negative effect of the double top pattern that appears on the chart supports the chances of continuing the domination of the bearish trend in the upcoming period, noting that breaching 84.77$ followed by 85.80$ levels will stop the current negative pressure and push the price to attempt to regain the main bullish trend again.

Trading Range for Today

• Support: 81.00$
• Resistance: 85.00$

Trend forecast: Bearish