June 4, 2024 – Brent oil prices have significantly surpassed the anticipated target of $80.08, continuing their downward trajectory to reach the $78.00 mark. The ongoing decline within the bearish channel, as indicated on the chart, suggests that prices will likely visit the next key support level at $77.18. A break below this level could drive prices further down to $76.25.
Given the current market conditions, the bearish trend is expected to dominate the upcoming trading sessions. However, if the price fails to break the $77.18 support level, it may attempt to rebound, potentially initiating a bullish wave that could see gains starting with a revisit to the $80.08 region.
Expected Trading Range:
Support: $76.25
Resistance: $79.30
Related topics:
Brent Oil Prices Are Expected To Fall Further – 3 June 2024 Forecast
WTI Crude Oil Softens Despite Opec+ Extending Production Cuts
