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Brent Oil Price Breaks Resistance – Forecast for July 11, 2024

by Jennifer

Today, Brent oil price has successfully approached and exceeded our anticipated target of $84.10, rallying strongly to breach the $85.80 mark and establish a foothold above it. This significant move effectively halts the negative scenario proposed yesterday, paving the way for a bullish wave on both intraday and short-term perspectives. The next objectives in sight are aimed at achieving levels around $87.05 and potentially extending towards $88.50.

The outlook remains bullish for today, contingent upon maintaining levels above $85.80. However, a breach below this critical point could reinitiate a correctional bearish trend, placing downward pressure on prices once more.

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For today’s trading, the expected range spans between $85.00 as support and $88.00 as resistance.

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Trend Forecast: Bullish

This forecast emphasizes Brent oil’s robust upward movement, driven by recent bullish momentum and poised to pursue higher price targets, barring a breakdown below key support levels.

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