Brent oil price keeps rising – Forecast today - 02-04-2024

Brent Oil Price Analysis

Brent oil price provided additional positive trades in the previous sessions, reaching 88.50$ areas. This reinforces the expectations of continuing the bullish trend on the intraday and short-term basis, organized inside the bullish channel visible on the chart. This supports the chances of achieving our next waited target at 90.00$.

Therefore, we are waiting for more expected rise in the upcoming sessions supported by the EMA50. However, breaking 87.40$ might push the price to test the mentioned channel’s support line around 86.10$ before any new attempt to rise.

Trading Range Forecast

The expected trading range for today is between 87.00$ support and 90.00$ resistance.

Trend forecast: Bullish