Brent oil price draws negative pattern – Forecast today - 27-03-2024
Economies.com
2024-03-27 02:33AM UTC
Brent Oil Price Analysis
- Brent oil price bounced downwards to break 86.25$ and settles below it.
- The price forms a double top pattern, with its confirmation line at 85.30$.
- Breaking the confirmation level may lead to losses surpassing 84.55$ to reach 82.75$ areas.
The bearish bias will be dominant on the intraday basis, possibly preceded by sideways fluctuation influenced by stochastic positivity. Breaching 86.80$ will negate the suggested negative formation and lead to a return to the main bullish track.
The expected trading range for today is between 84.00$ support and 87.00$ resistance.
Trend forecast: Bearish
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