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Brent Oil Price Forecast – June 24, 2024: Bullish Trend Expected

by Jennifer

Brent Oil Price Analysis

Brent oil prices have recently consolidated above the key support level at $84.77. This stability is accompanied by positive signals from the stochastic indicator, indicating a potential continuation of the bullish trend.

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Expected Scenario

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Today, the expectation is for Brent oil prices to potentially resume their upward movement. The next target for this bullish phase is projected to be around $87.67. The structure of the bullish channel supports this anticipated upward trajectory.

It is crucial to monitor the support level at $84.77 closely. A break below this support could invalidate the bullish outlook and potentially lead to a bearish reversal in prices.

Expected Trading Range

  • Support: $84.00
  • Resistance: $86.80

Trend Forecast: Bullish

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