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Brent Oil Price Tests Resistance – Forecast for June 12, 2024

by Jennifer

Brent Oil Price Analysis:

In recent sessions, Brent oil price has demonstrated a bullish rebound, with an initial approach towards testing the critical resistance level of $82.40. This movement suggests a potential resurgence of the bullish momentum.

Given the current scenario, it is prudent to adopt a cautious stance and await confirmation from the market regarding its stance relative to the aforementioned resistance level. Clarity regarding the price’s next trajectory is essential before making any definitive trading decisions.

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A breakthrough above $82.40 is anticipated to trigger a bullish wave, targeting levels of $83.70 and $84.77 as subsequent positive milestones.

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However, should the price consolidate below this resistance barrier, a bearish reversal could ensue, leading to potential losses with initial targets at $81.25, followed by $80.08.

Expected Trading Range:

Market analysis indicates a probable trading range bounded by the support level at $80.60 and the resistance level at $84.00.

Trend Forecast:

Given the current ambiguity in the market, the trend forecast remains neutral, emphasizing the importance of monitoring price action around the key resistance level for clearer directional cues.

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