Brent Oil Price Forecast: Bullish Outlook Despite Support Test – 25-04-2024

by Jennifer

In today’s analysis, the Brent oil price is currently testing the key support level at $87.67, which has been breached previously. However, there are positive indications emerging, with the stochastic oscillator shedding its negative momentum and approaching oversold territories. This development suggests a favorable momentum to support a resumption of the expected bullish trend on an intraday basis, with the next significant target projected at $90.85.

Given these factors, our forecast leans towards a continuation of the bullish trend in the upcoming period. To further solidify this outlook, the price would ideally need to surpass the $88.45 mark, adding more confirmation to the positive scenario. It’s essential to note that sustaining the bullish momentum requires the price to hold above the $87.67 support level.


For today’s trading range, we anticipate support at $87.00 and resistance at $90.00. Overall, the trend forecast remains bullish, with the potential for further upward movement in Brent oil prices.


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