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Brent Oil Price Exits the Bullish Channel: Forecast for July 8, 2024

by Jennifer

Brent Oil Price Analysis

The price of Brent oil concluded last Friday on a negative note, breaking below the support line of its bullish channel and initiating a bearish correction phase. This correction follows the recent upward movement originating from the $76.95 region, with the immediate target set at $85.80. A successful breach below this level would likely lead to a further decline towards $84.10 as the next significant downside objective.

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Today’s outlook suggests a bearish bias, contingent upon maintaining the negative momentum. It is important to monitor the critical level of $87.80; a breakout above this resistance could negate the bearish scenario, potentially prompting a return to the bullish channel.

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Expected Trading Range

The anticipated trading range for today is expected to fluctuate between a support level of $85.00 and a resistance level of $88.00.

Trend Forecast: Bearish

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