Brent oil price awaits more decline – Forecast today - 03-05-2024

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