Brent Oil Price Forecast – May 30, 2024

by Jennifer

Expected Scenario:

Brent oil price faced significant resistance at the $84.77 level, failing to confirm a breach. Consequently, it experienced a clear downward rebound, settling near the EMA50. This movement indicates the onset of expected negative pressure in the upcoming trading sessions, with an initial target set at $82.45. It’s noteworthy that breaking below this level would lead to additional losses, potentially reaching $80.08.


Expected Outlook:


Anticipate further decline in the upcoming sessions unless the price manages to rally and convincingly breach the $84.77 resistance level while maintaining a position above it.

Expected Trading Range:

The expected trading range is between the support at $82.00 and the resistance at $84.90.

Trend Forecast: Bearish

In summary, the Brent oil price is likely to continue its bearish trend, with potential downward movement towards the identified targets. Traders should monitor key support and resistance levels for indications of trend reversals.

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