Brent Oil Price Reaches Target – Forecast for May 29, 2024

by Jennifer

Expected Scenario

The price of Brent oil has successfully reached the anticipated target at $84.77, encountering significant resistance at this level. Additionally, clear overbought signals have been observed through stochastic indicators.


It is advisable to remain on the sidelines until the price confirms its stance in relation to the $84.77 level, allowing for a clearer determination of the next directional move.


A consolidation below $84.77 may prompt a bearish rebound, initially targeting $82.42. Conversely, a breakthrough above this level could instigate further gains, with potential targets starting at $85.80 and extending to $87.67.

Expected Trading Range

The expected trading range spans from the support level of $83.00 to the resistance level of $86.00.

Trend Forecast: Neutral

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