Brent oil price begins bearish correction – Forecast today - 18-04-2024

Price Analysis: Brent Oil

Expected Scenario

• Brent oil price encountered significant downward pressure yesterday, resulting in the break of the bullish channel’s support line and initiating a bearish correction for the rise originating from 72.50$ areas.
• The price is currently testing the 23.6% Fibonacci correction level, which serves as a strong support at 87.67$. Breaking below this level will likely lead the price to target the next correctional level around 84.77$.
• The bearish trend is expected to persist in the upcoming sessions, supported by the negative pressure from the EMA50. However, if the price manages to consolidate above 87.67$ against the current negative pressure, it may attempt a recovery towards the 89.80$ areas initially.

Expected Outcome

The expected trading range for today is between 85.90$ support and 88.90$ resistance.