Brent Oil Price Breaks Resistance, Forecast for April 24, 2024

by Jennifer

In the analysis of Brent oil prices, it’s evident that the market exhibited significant positivity yesterday, surpassing the resistance level at $87.67 and closing the daily candlestick above it. This development marks a halt to the correctional bearish scenario and signals the initiation of a new bullish wave on both intraday and short-term bases, with the aim of achieving gains starting at $90.85.

With this momentum in mind, further upward movement is anticipated in the upcoming trading sessions. A breakthrough above $88.45 would strengthen the positive outlook, reinforcing the bullish trend. Conversely, a break below $87.67 would halt the bullish momentum and potentially lead to a return to the correctional bearish trajectory.


For today’s trading, the expected range is projected to be between a support level of $87.00 and a resistance level of $90.00.


Forecast: Bullish

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