Brent Oil Price Forecast for May 28, 2024: Bullish Momentum Emerges

by Jennifer

Brent Oil Price Analysis:

Brent oil prices have convincingly surpassed the critical level of $82.45 and concluded above it, signaling an emergence from the correctional bearish trend and setting the stage for an anticipated bullish trajectory.


Expected Scenario:


The subsequent target is identified at $84.77, with the potential for further upward movement towards $87.67 upon breaching this threshold. Today’s bias favors bullish sentiment, although intermittent sideways fluctuations may occur due to stochastic negativity. A breach below $82.45 would impede the anticipated ascent and could instigate a decline in prices.

Expected Trading Range:

The anticipated trading range extends from the support level of $82.10 to the resistance level of $85.10.

Trend Forecast: Bullish

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