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Brent Oil Price Attempts to Breach – Forecast for Today, July 4, 2024

by Jennifer

Brent Oil Price Analysis

Expected Scenario

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Brent oil prices exhibited clear positive movements yesterday, attempting to breach the $87.67 level. However, today’s session started with a bearish bias, influenced by stochastic negativity. This bearish momentum might push the price to test the bullish channel’s support line around $86.90 before resuming its upward trend.

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Maintaining a position above this support level sustains the bullish trend scenario for the near term, with targets set at $89.30, followed by $89.95. Conversely, breaking below this support could subject the price to negative pressure, potentially testing $86.00 and extending to $84.77 before any new upward movement.

Expected Trading Range

Support: $86.20

Resistance: $89.00

Trend Forecast: Bullish

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