Brent oil price within sideways track – Forecast today - 17-04-2024

Brent Oil Price Analysis

Expected Scenario

• Brent oil price is exhibiting sideways trades, nearing a test of the bullish channel’s support line, with stochastic showing clear positive momentum.
• We anticipate this momentum to motivate the price to resume the main bullish trend, targeting the next level at 93.40$.
• The bullish trend scenario remains valid for the upcoming period, with a note that breaking below 89.00$ will halt the bullish wave and may initiate a bearish correction on the intraday basis.

Expected Trading Range

Between 88.60$ support and 91.50$ resistance.