Brent Oil Price Tests Key Support – Forecast for November 6, 2024

Brent oil prices saw additional positive movement yesterday, approaching the second target of 76.84$. However, the price now faces negative pressure, testing the crucial support level at 75.36$. For the bullish trend to remain intact, the price needs to maintain stability above this support. A break below this level could reverse the trend, leading to a bearish wave with an initial target at 73.90$.

Stochastic indicators are attempting to regain positive momentum, which could support the continuation of the expected bullish trend. If the price manages to break and hold above 76.84$, the next target would be 78.00$.

The expected trading range for today is between 74.20$ support and 77.20$ resistance.

Trend Forecast: Bullish

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