Brent Oil Price Returns to Sideways Track – Analysis – March 5, 2024

by Jennifer

Brent oil price encountered notable downward pressure yesterday, breaching the support level at 83.87 and settling below it. This movement places the price back within the sideways range observed on the chart, signaling a potential decline in the upcoming sessions, with a primary target around the 81.00 level.

Consequently, the intraday bias is expected to remain sideways, with a break below 83.00 confirming a continuation of the bearish bias in subsequent sessions. However, a breach of the 83.87 resistance level could prompt a recovery in price, potentially initiating a bullish wave targeting the 86.74 level.


The anticipated trading range for today is expected to oscillate between the support at 81.60 and the resistance at 84.60.


Expected Trend for Today: Sideways

You May Also Like


Bnher is a comprehensive futures portal. The main columns include futures market, futures exchanges, futures varieties, futures basic knowledge and other columns.

[Contact us: [email protected]]

© 2023 Copyright – Futures Market, Investment, Trading & News