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Brent Oil Price Gains Positive Momentum – Forecast for July 1, 2024

by Jennifer

Brent Oil Price Analysis

Brent oil prices recently tested the support line of a bullish channel and maintained stability above it. Today, the market shows a bullish bias, aiming to resume its upward movement within the established bullish channel visible on the charts. Positive signals from the stochastic indicator further encourage expectations of continued price gains in the upcoming trading sessions, with a primary target set at $87.67.

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The EMA50 indicator remains supportive of the anticipated bullish trend. It is noted that a break below $84.77 could potentially halt the upward momentum, leading to a corrective bearish phase targeting the $82.42 area in the near term.

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Expected Trading Range

The expected trading range indicates support at $85.00 and resistance at $87.80 for the immediate trading sessions.

Trend Forecast: Bullish

The trend forecast maintains a bullish outlook for Brent oil prices in the short term.

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