Brent Oil Price Analysis:
As of today, May 31st, 2024, Brent oil prices have surpassed the anticipated target of $82.45, closing the daily candlestick below this level. This movement confirms the opening for further declines, with the next target set at $80.08. The continued movement below the EMA50 reinforces the bearish outlook for the near term.
Expected Scenario:
Given the price action and technical indicators, we maintain our bearish forecast for Brent oil. The validity of this downtrend hinges on the price remaining below $82.45. Should the price stay below this level, it is likely to move towards the next target of $80.08.
Expected Trading Range:
Traders should expect Brent oil prices to fluctuate within a range of $80.00 as support and $83.00 as resistance. This range reflects the potential price movements given the current market dynamics.
Trend Forecast:
Based on the analysis, the trend forecast for Brent oil remains bearish, suggesting further declines in the upcoming sessions. The continued pressure below key resistance levels and the EMA50 supports this outlook.
