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Brent Oil Price Hits Initial Target – Forecast for June 21, 2024

by Jennifer

Brent Oil Price Analysis

Brent oil prices have resumed their upward trajectory following recent sideways fluctuations, achieving the anticipated first target at $85.80. The market now awaits further positive momentum within the established bullish channel visible on the charts, with the next target set at $87.67. This reinforces the continuation of the bullish trend in the short-term outlook.

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Expected Scenario

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The bullish sentiment remains robust, supported by technical indicators and the bullish channel pattern observed on the charts. As long as Brent oil maintains above the critical support level at $84.77, the expectation is for upward movement to prevail. A decisive break below $84.77 could potentially signal a shift in momentum towards a bearish correction.

Expected Trading Range

Traders should monitor Brent oil within a trading range anticipated between support at $84.40 and resistance at $87.40. These levels are pivotal for assessing potential trading opportunities based on breakout or reversal signals.

Trend Forecast

The trend forecast for Brent oil remains bullish, reflecting recent price actions and technical analysis pointing towards continued upward momentum.

Investors and traders are advised to stay informed about market developments and monitor price movements closely within the specified trading range, positioning themselves for potential opportunities aligned with the prevailing bullish trend.

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