Brent oil price activates the negative scenario – Forecast today - 01-05-2024
Economies.com
2024-05-01 03:47AM UTC
Brent Oil Price Analysis
Expected Scenario
- Brent oil price faced strong negative pressure yesterday to confirm breaking 87.67$ level and return to the correctional bearish track again, to head towards visiting 84.77$ as a first station, noting that breaking this level will extend the bearish wave to reach 82.40$ as a next negative target.
- Therefore, we expect to witness more decline today, supported by the negative pressure formed by the EMA50, noting that breaching 87.67$ will stop the current negative pressure and lead the price to attempt to regain the main bullish trend again.
Expected Trading Range
Between 84.60$ support and 87.70$ resistance
Trend Forecast: Bearish
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