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Brent Oil Price Initiates Bearish Correction – Forecast for April 18, 2024

by Jennifer

In the latest price analysis for Brent oil, the commodity faced notable downward pressure yesterday, culminating in the breach of the bullish channel’s support line. This marked the beginning of a bearish correction following the prior rise originating from the $72.50 areas.

Currently, the price is undergoing testing of the 23.6% Fibonacci correction level, which stands as a robust support at $87.67. Should the price break below this level, it is likely to target the next correctional level around $84.77.

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Expectations suggest that the bearish trend will persist in the upcoming trading sessions, bolstered by negative pressure from the EMA50. However, if the price manages to consolidate above $87.67 despite the prevailing negative pressure, it may endeavor a recovery towards the $89.80 areas initially.

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The anticipated trading range for today is expected to fluctuate between support at $85.90 and resistance at $88.90.

Overall Trend Forecast: Bearish

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