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Brent Oil Price Gains Positive Momentum – June 17, 2024 Forecast

by Jennifer

Brent Oil Price Analysis

Brent oil prices have retreated to test the $82.40 level, which needs to hold to maintain the bullish trend scenario. The target levels are set at $83.70 and subsequently $84.77.

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The stochastic indicator is showing positive momentum, enhancing the likelihood of continuing the bullish trend. This outlook remains valid as long as the price does not break below $82.40 and sustain a daily close beneath this level.

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Expected Trading Range

  • Support: $81.10
  • Resistance: $84.00

Trend Forecast: Bullish

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