Brent Oil Price Prepares for Further Decline: Forecast Analysis for May 24, 2024

by Jennifer

The latest analysis of Brent oil pricing indicates a continued expectation for downward movement, as the price attempted to breach the $82.45 threshold but ultimately closed below it during the previous trading session. This maintains the active bearish trend outlook for the near future. A bearish channel reinforces the potential for achieving additional negative targets, commencing at $80.08 and potentially extending to $78.50 following a breach of the preceding level.

Persistent effects of a previously completed double top pattern continue to influence market sentiment, further supporting the likelihood of attaining further negative targets. Sustaining the bearish momentum necessitates maintaining positions below both $82.45 and $83.35.


Traders are advised to consider the expected trading range, spanning from a support level of $80.00 to a resistance level of $82.60, as they strategize amidst evolving market conditions.


Forecast Trend: Bearish

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