Brent crude oil reached the anticipated target of $80.08 and stabilized at that level, encountering substantial resistance. This resistance is attributed to the convergence of the bearish channel’s resistance line with the EMA50, thereby bolstering these levels. Additionally, there are clear indications of a negative trend through stochastic analysis, potentially prompting a bearish rebound in upcoming trading sessions.
Market analysts advise caution and suggest refraining from active trading until the price confirms its position relative to the aforementioned level. This confirmation is crucial for accurately determining the next trajectory. It is emphasized that breaching the resistance level at $80.08 could lead to sustained upward momentum, potentially driving prices to achieve further gains, targeting $82.40. Conversely, consolidation below this level may signal a continuation of the primary bearish trend, with downside targets initially set at $78.60 and extending to $77.18.
Projected Trading Range: $78.70 – $81.80
The expected trading range for Brent crude oil is forecasted between a support level of $78.70 and a resistance level of $81.80. Traders are advised to monitor price movements within this range closely, as a breach of either boundary could signify a shift in market sentiment and subsequent price action.
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Brent Crude Oil Price Projection For 2024 And Beyond
