In today’s analysis for April 16, 2024, Brent oil price has successfully reached our anticipated negative target at $89.00 and has experienced a strong upward bounce from this level. This movement signals the resumption of the bullish wave within the bullish channel depicted on the chart.
As the price aims to achieve positive targets ranging from $93.40 to $94.35 after surpassing the previous level, we anticipate further upward movement in the upcoming sessions. This outlook is supported by the positive momentum indicated by stochastic analysis. However, it’s important to note that a break below $89.20 would halt the current bullish trend and could initiate a bearish correction on an intraday basis.
The expected trading range for today is forecasted to be between $89.00 as support and $92.80 as resistance.
Trend Forecast: Bullish
