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Brent Oil Price Achieves Strong Gains – July 2, 2024

by Jennifer

Brent Oil Price Analysis:

Brent oil prices surged significantly higher yesterday, reaching our anticipated target of $87.67. The momentum suggests further upward movement, aiming to surpass this level and unlock additional positive targets on both intraday and short-term horizons. The next objectives stand at $89.30, followed by $89.95.

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The prevailing bullish trend is expected to maintain its dominance in the upcoming trading sessions. It is crucial to monitor whether Brent oil can successfully breach the $87.67 resistance level. Failure to do so might lead to a bearish rebound, potentially testing the support line of the bullish channel near $86.05, before any renewed attempt at upward movement.

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Expected Trading Range:

Today’s projected trading range for Brent oil spans from support at $86.20 to resistance at $89.30.

Trend Forecast: Bullish

In summary, the outlook for Brent oil remains bullish, supported by recent strong gains and potential for further upside momentum towards higher price targets. Traders should remain attentive to price behavior around key levels for potential trading opportunities, considering both bullish continuation scenarios and possible corrective movements within the broader uptrend.

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