Brent oil price within sideways track – Forecast today - 17-04-2024
Economies.com
2024-04-17 03:37AM UTC
Brent Oil Price Analysis
Expected Scenario
- Brent oil price is exhibiting sideways trades, nearing a test of the bullish channel’s support line, with stochastic showing clear positive momentum.
- We anticipate this momentum to motivate the price to resume the main bullish trend, targeting the next level at 93.40$.
- The bullish trend scenario remains valid for the upcoming period, with a note that breaking below 89.00$ will halt the bullish wave and may initiate a bearish correction on the intraday basis.
Expected Trading Range
Between 88.60$ support and 91.50$ resistance.
Trend Forecast: Bullish
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