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Brent Oil Price Confirms Break – Forecast for July 10, 2024

by Jennifer

Brent oil price closed yesterday below the $85.80 level, confirming the continuation of the bearish trend in the upcoming sessions. The path is now open to reach the next correctional level at $84.10. If this level is broken, the price is likely to drop further to the 50% Fibonacci correction level at $82.74.

The EMA50 supports this expected decline, which will remain valid unless the price rallies to breach the $85.80 level and hold above it.

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Today’s expected trading range is between the support level of $83.10 and the resistance level of $86.00.

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Trend forecast: Bearish

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