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Brent Oil Price Surpasses Resistance: Forecast for June 19, 2024

by Jennifer

Brent Oil Price Analysis

Brent oil prices have breached the $84.77 level, closing above it. This breakthrough supports expectations for a continuing bullish trend on an intraday and short-term basis. The next targets are set at $85.80 and $87.67.

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Supporting Factors

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The EMA50 provides support, reinforcing bullish trend expectations.

However, breaking below $84.77 would shift sentiment to bearish.

Expected Trading Range for Today

  • Support: $84.20
  • Resistance: $87.00

Trend Forecast: Bullish

Brent oil is expected to maintain its upward trend, with technical indicators and support levels pointing towards further gains.

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