Brent Oil Price Breaks Resistance, Initiates Bullish Momentum – Forecast for March 14, 2024

by Jennifer

In a notable upward surge yesterday, the Brent oil price surpassed the critical resistance level of 83.87 and concluded the daily trading session above it. This breakthrough marks a significant shift, halting the previously suggested negative scenario and initiating a bullish wave on an intraday basis. The primary targets for this bullish movement are anticipated to commence at 85.50, with further potential extensions to 86.74.

Consequently, a bullish bias is expected to prevail for today’s trading session, supported by the price’s positioning above the EMA50 indicator. However, it is essential to note that failure to consolidate above 83.87 may subject the price to renewed negative pressure, potentially leading to a retracement towards the 81.00 level.


For today’s trading activities, the envisaged range is expected to fluctuate between the support level of 83.10 and the resistance level of 86.10, reflecting the prevailing market dynamics.


Trend Forecast: Bullish Sentiment

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