Brent Oil Price Reaches Target: Forecast for June 7th, 2024

by Jennifer

Brent Oil Price Analysis: Anticipated Outlook

Brent oil prices have successfully reached our awaited target of $80.08 and have settled there, encountering robust resistance. This resistance is amplified by the intersection of the bearish channel’s resistance line with the EMA50, further reinforcing these levels. Additionally, stochastic indicators are displaying clear negative signals, potentially indicating a forthcoming bearish rebound in the sessions ahead.


At present, we advocate a cautious approach, opting to remain on the sidelines until the price confirms its position relative to the aforementioned level, allowing for a clearer determination of the next direction. It’s crucial to monitor the breach of this level closely: surpassing it would lead to continued ascent, with additional gains potentially reaching $82.40, whereas consolidation below it could prompt a resumption of the primary bearish trajectory, targeting negative objectives starting at $78.60 and extending to $77.18.


Expected Trading Range

The expected trading range spans between a support level of $78.70 and a resistance level of $81.80.

Trend Forecast: Neutral

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