Brent Oil Price Reaches Target – Forecast for May 29, 2024

by Jennifer

Expected Scenario

The price of Brent oil has successfully reached the anticipated target at $84.77, encountering significant resistance at this level. Additionally, clear overbought signals have been observed through stochastic indicators.

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It is advisable to remain on the sidelines until the price confirms its stance in relation to the $84.77 level, allowing for a clearer determination of the next directional move.

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A consolidation below $84.77 may prompt a bearish rebound, initially targeting $82.42. Conversely, a breakthrough above this level could instigate further gains, with potential targets starting at $85.80 and extending to $87.67.

Expected Trading Range

The expected trading range spans from the support level of $83.00 to the resistance level of $86.00.

Trend Forecast: Neutral

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