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Brent Oil Price Forecast for July 3, 2024

by Jennifer

Brent Oil Price Analysis:

Brent oil struggled to maintain its position above the $87.67 level, experiencing negative movement and testing the $87.00 barrier. However, the Stochastic oscillator has shed its negative momentum and is turning positive, indicating a potential bullish bounce and a resumption of the main upward trend.

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For this bullish outlook to be confirmed, Brent oil needs to break above the $87.67 level. Achieving this would pave the way towards our next positive targets, starting at $89.30 and extending to $89.95.

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Expected Trading Range:

Today’s trading range is expected to be between the $86.00 support level and the $89.00 resistance level.

Trend Forecast: Bullish

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