Brent oil price keeps declining – Forecast today – 05-09-2024

neft-l2Brent oil price tested 73.00$ level and found solid support there, to show some temporary bullish bias, waiting to get negative motive that assist to push the price to resume the main bearish trend, which targets 71.60$ as a next main station.

Holding below 74.30$ represents the first condition to the continuation of the expected decline, as breaching it will push the price to recover and test the key resistance 75.80$ before any new negative attempt.

The expected trading range for today is between 71.60$ support and 74.60$ resistance.

Trend forecast: Bearish

Origin: Economies

 

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