Brent Oil Price Awaits More Decline – Forecast for June 3, 2024

by Jennifer

Brent Oil Price Analysis

Brent oil continues to exhibit negative trading behavior, although it is currently supported by the previously breached resistance line of the bearish channel seen on the chart. A further decline is anticipated, aiming for the next target at $80.08.

Expected Scenario

Maintaining a position below $82.45 keeps the bearish trend outlook intact for the foreseeable future. Should Brent oil breach this level, it may trigger recovery attempts, with potential gains targeting the $84.77 area initially.


Expected Trading Range

Support: $80.00


Resistance: $82.90

Trend Forecast: Bearish

Given the current technical indicators, the bearish trend is expected to persist. Traders should monitor the $82.45 level closely, as a breach above this could indicate the start of a recovery phase. As long as Brent oil remains below this threshold, further declines toward $80.08 are likely.

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