Today, on April 23, 2024, the Brent oil price is currently testing a critical resistance level at $87.67. Stochastic indicators suggest a loss of positive momentum, reaching overbought levels, while the EMA50 exerts downward pressure on the price.
Given these indicators, a bearish bias is expected in the upcoming trading sessions, with a target to revisit the next correctional level at $84.77. However, a decisive break above $87.67 would invalidate the bearish correction and signal a return to the main bullish trend.
Traders should anticipate a trading range between the support level at $85.60 and the resistance level at $88.60.
In summary, the trend forecast for Brent oil leans towards bearish, in line with the prevailing market conditions and technical indicators.
