Brent Oil Prices Surge Bullishly – Forecast for May 9th, 2024

by Jennifer

In a noteworthy uptick, Brent crude oil prices displayed significant bullish momentum, rebounding strongly following a recent dip. After testing a low of $82.40 yesterday, prices have surged towards a key resistance level at $84.77.

Technical indicators, notably Stochastic, indicate clear signs of overbought conditions, while the EMA50 continues to exert downward pressure on the price trajectory. These factors collectively suggest a bearish bias for upcoming trading sessions, with an initial target set at $82.40.


However, a decisive breach above the $84.77 resistance, followed by surpassing the $85.80 levels, could potentially interrupt the corrective bearish trend, signaling a resurgence in the primary bullish trajectory.


Market analysts project the expected trading range for today to span between the support level at $82.70 and the resistance level at $85.60.

Trend Forecast: Bearish

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