Brent Oil Price Achieves Target – Today’s Forecast: May 15, 2024

by Jennifer

In the analysis of Brent oil prices, the awaited target of $82.40 has been successfully reached, establishing robust support at this level. Consequently, a discernible bullish bias is observed, prompting suggestions to target $84.77 in forthcoming sessions. Today’s bullish sentiment finds support from positive stochastic indicators.

It’s imperative to note, however, that despite the current bullish outlook, the overarching trend remains bearish. Therefore, the anticipated rise for today is deemed temporary. A critical level to monitor is the $82.40 mark; a breach of this level would negate the suggested positive scenario, leading to a resumption of the bearish wave with a subsequent target set at $80.08.


Expected Trading Range

  • Support: $82.00
  • Resistance: $85.00

Trend Forecast: Bullish

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