Brent Oil Price Faces Momentum Loss – Forecast for May 7, 2024

by Jennifer

The Brent oil price is currently hovering around the $84.00 mark, exhibiting fluctuation amidst indications of a clear loss of positive momentum as suggested by stochastic indicators. This raises the possibility of the price resuming its anticipated bearish trend in the near future, with the next target set at $82.40.

The $82.40 level represents the 50% Fibonacci correction level for the recent upward movement observed on the chart. A breach of this level could extend the bearish momentum towards the $80.08 region in the short term. However, a breakout above $84.77, followed by $85.80, would invalidate the expected decline and potentially signal an attempt to reclaim the primary bullish trend.


Expected Trading Range for Today:


Support: $82.40
Resistance: $85.50

The trend forecast for Brent oil leans towards a bearish outlook, taking into account current technical indicators and market dynamics.

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