Brent oil price surpasses the target – Forecast today - 02-05-2024

Expected Scenario

• Brent oil price succeeded in achieving our awaited target at 84.77$. It's worth noting that the price broke this level to close the daily candlestick below it, reinforcing the expectations of continuing the correctional bearish trend. The next station is expected to reach 82.40$.
• Therefore, we expect to witness more decline on the intraday basis. However, it's noteworthy that breaching 84.77$ will lead the price to start recovery attempts and build a bullish wave targeting visiting 87.67$ areas mainly.

Expected Trading Range

Between the support at 82.80$ and the resistance at 86.00$.