Brent Oil Prices Resume Decline – March 13, 2024 Forecast

Brent oil prices have resumed negative trades following a test of the EMA50 in recent sessions, thereby sustaining the bearish trend scenario on an intraday basis, with primary targets identified at 81.00.

Vigilance is urged at the aforementioned level, as a breach could lead to additional losses, extending to 79.20 and subsequently 77.44. Conversely, breaking the resistance at 83.87 is crucial to alleviate the existing negative pressure, paving the way for the initiation of a new bullish wave with targets around 86.74 in the near-term.

The anticipated trading range for today is expected to oscillate between support at 81.00 and resistance at 84.00.

Trend Forecast: Bearish