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Brent Oil Price Needs Strong Positive Motive – Forecast for June 27, 2024

by Jennifer

Brent Oil Price Analysis

Expected Scenario

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Brent oil prices are currently testing the key support level at $84.77, maintaining stability above this threshold. This stability keeps the bullish trend scenario active for the foreseeable future. The convergence of the 50-day Exponential Moving Average (EMA50) with the support level further reinforces this optimistic outlook. Prices are anticipated to continue rising, targeting $87.67 as the next significant resistance level.

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However, a break below the $84.77 support level and sustained trading below this point would signal a potential decline, likely triggering a bearish wave with a target of $82.45 as the next major support level.

Expected Trading Range

  • Support: $83.70
  • Resistance: $86.80

Trend Forecast: Bullish

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