Brent oil price resumes the decline – Forecast today - 08-05-2024

Brent Oil Price Analysis

Outlook and Forecast for Current Trading Sessions

Expected Scenario

• Brent oil price shows new negative trades, gradually approaching the waited negative target at 82.40$
• Surpassing this level suggested to achieve more bearish correction on intraday basis
• Affected by the double top pattern on the chart, with next correctional target at 80.08$
• Bearish trend supported by negative pressure from the EMA50
• Important to hold below 84.77$ and 85.80$ levels to continue expected decline

Brent oil price shows new negative trades by today’s open, gradually approaching the waited negative target at 82.40$. Surpassing this level is suggested to achieve more bearish correction on the intraday basis, affected by the double top pattern that appears on the chart, with the next correctional target reaching 80.08$.

Therefore, we will continue to suggest the bearish trend supported by the negative pressure formed by the EMA50. It is important to hold below 84.77$ and 85.80$ levels to continue the expected decline.

Expected Trading Range

1. Support: 81.60$
2. Resistance: 84.60$

Trend Forecast: Bearish