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Brent oil price awaits more decline – Forecast today - 03-05-2024
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Brent oil price awaits more decline – Forecast today - 03-05-2024
May 2, 2024 9:25 PM

Brent Oil Price Analysis Brent oil price maintains stability below 84.77$ level. Stochastic begins to lose positive momentum, indicating a potential resumption of the bearish trend. The next target for the bearish trend is located at 82.40$. The negative scenario relies on the completion of the double top pattern visible on the chart. If breached, the pattern has targets beyond 82.40$, reaching 80.10$ areas. Breaking 84.77$ followed by 85.80$ levels will halt the bearish trend and may signal a shift to a bullish trend. The expected trading range for today is between 82.60$ support and 85.80$ resistance.

Trend forecast: Bearish

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