Advertisements

Brent Oil Price Exhibits Negative Pattern – Forecast for March 27, 2024

by Jennifer

The Brent oil price exhibits a downward trajectory, recently dipping below the $86.25 mark. Notably, a significant development emerges as the price forms a double top pattern, with the confirmation line positioned at $85.30. A breach of this critical level may precipitate further declines, potentially surpassing $84.55 and targeting the $82.75 zone.

A prevailing bearish bias is anticipated for the intraday period, potentially punctuated by sideways fluctuations influenced by stochastic positivity. However, it’s essential to remain vigilant, as a break above $86.80 would invalidate the suggested negative formation, heralding a potential return to the primary bullish trajectory.

Advertisements

Today’s projected trading range spans between support at $84.00 and resistance at $87.00.

Advertisements

Trend Forecast: Bearish

You May Also Like

blank

Futuresstocktrading.com is a comprehensive futures information portal. Whether you’re a novice or seasoned trader, find futures news, futures market, futures trading tips, and futures basic knowledge to enhance your trading prowess and financial success.

[Contact us: [email protected]]

© 2023 Copyright  Futuresstocktrading.com – Futures Market, Investment, Trading & News