Brent Oil Price Approaches Target: Forecast for August 12, 2024

by Jennifer

Brent Oil Price Shows Bullish Momentum

Brent oil prices are exhibiting a bullish bias, nearing the anticipated target of $80.65. The expectation is that breaching this level will pave the way for further gains, potentially reaching $82.15. This bullish outlook is supported by the 50-period Exponential Moving Average (EMA50), which is providing upward pressure from below.

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Technical Indicators and Potential Fluctuations

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While the overall trend remains bullish, some temporary sideways movement may occur due to stochastic negativity. This is expected to be a brief phase as the market gathers positive momentum needed to push prices towards the target levels. Should Brent oil prices fall below $79.70, this could halt the current uptrend and lead to an initial test of $78.80.

Trading Range and Forecast

For today, August 12, 2024, Brent oil is anticipated to trade within a range of $79.10 (support) to $82.00 (resistance).

Overall Trend

The forecast remains bullish, with the potential for further gains if key resistance levels are breached.

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