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Brent Oil Price Forecast Update – 09-07-2024

by Jennifer

Brent Oil Price Analysis

Expected Scenario

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Brent oil price is currently breaking through the $85.80 level, which supports the expectations of a continuing correctional bearish trend. This movement is paving the way towards $84.10, representing the 38.2% Fibonacci correction level for the recent rise depicted on the chart. Therefore, a further decline in Brent oil prices is anticipated in the upcoming sessions, provided that the price remains stable below $86.75.

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Expected Trading Range

Support: $84.20

Resistance: $87.20

Trend Forecast: Bearish

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