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Brent Oil Price Analysis Indicates Robust Gains with Potential for Further Upside – 18-06-2024

by Jennifer

In a display of strong bullish momentum, Brent oil prices experienced notable positivity in trading activities yesterday, surpassing our previously awaited target of $83.70 to reach the levels of the second target at $84.77. However, it’s worth noting that there may be a slight bearish bias influenced by stochastic negativity. The market is currently awaiting positive momentum to facilitate a resumption of upward movement, potentially surpassing the aforementioned level and reaching additional gains up to $85.80.

The positive scenario is anticipated to persist in the forthcoming period, contingent upon the price’s ability to maintain its current trajectory. It’s crucial to observe that a breach of $83.65 could halt the bullish bias, potentially triggering a decline towards the $82.40 range before any subsequent attempts at upward movement.

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Expected Trading Range

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Today’s expected trading range is forecasted to fluctuate between the support level of $83.00 and the resistance level of $86.00.

Trend Forecast: Bullish

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