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Brent Oil Price Gathers Positive Momentum – Forecast for June 20, 2024

by Jennifer

Brent Oil Price Analysis

Expected Scenario

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Brent oil is exhibiting some bearish bias as it approaches the key support level at $84.77. The stochastic indicator is moving out of negative momentum and towards oversold areas, anticipating a positive trigger to resume the bullish trend in the upcoming period. The main targets for this bullish trend are $85.80 and $87.67. The EMA50 continues to support the expected bullish wave, which remains valid as long as the price does not break and hold below $84.77.

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Expected Trading Range

For today, the expected trading range for Brent oil is between the $84.00 support and the $87.00 resistance.

Trend Forecast: Bullish

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