Brent Oil Price Forecast: Ascending Momentum – May 17, 2024

by Jennifer

Expected Scenario

Brent oil price has resumed its upward trajectory and is presently testing the EMA50. Further upward movement is anticipated to target $84.77, representing the primary objective of the ongoing bullish wave, thereby maintaining a positive outlook on an intraday basis.


It is crucial to acknowledge that the current uptrend is deemed temporary unless there is a breakout above $84.77 and a sustained hold beyond it. Failure to breach this level could result in a resurgence of the primary bearish trend, with targets set at $82.40 and potentially extending to new negative thresholds around $80.08.


Expected Trading Range

The anticipated trading range for Brent oil spans between support at $82.20 and resistance at $85.10.

Trend Forecast: Bullish

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