Brent oil price tests the resistance – Forecast today - 23-04-2024
Economies.com
2024-04-23 03:53AM UTC
Brent Oil Price Analysis
Expected Scenario
- Brent oil price is currently testing the key resistance at 87.67$. Stochastic indicates a loss of positive momentum, reaching overbought levels, while the EMA50 exerts downward pressure on the price.
- Given these factors, a bearish bias is anticipated in the upcoming sessions, aiming to visit the next correctional level at 84.77$. However, breaking above 87.67$ will invalidate the bearish correction and signal a return to the main bullish trend.
Expected Trading Range
Between the support at 85.60$ and the resistance at 88.60$
Trend Forecast: Bearish
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