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Brent Oil Price Breaches Resistance – Forecast for July 5, 2024

by Jennifer

Brent Oil Price Analysis

Expected Scenario

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The Brent oil price successfully breached the $87.67 resistance level, closing above it yesterday. This supports the expectation of a continued bullish trend in the upcoming period, with positive targets set at $89.30 and $89.95.

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Supporting Factors

The bullish channel supports the continuation of the anticipated bullish wave. However, if the price breaks the support line of this channel at $87.25, it may decline on an intraday basis, with initial negative targets at $86.30, potentially extending to $84.77 before resuming its upward movement.

Expected Trading Range

Today’s anticipated trading range for Brent oil is between the $86.50 support level and the $89.50 resistance level.

Trend Forecast

The trend forecast for Brent oil remains bullish.

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