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Brent Oil Price Surpasses Initial Target – Forecast for March 29, 2024

by Jennifer

In yesterday’s trading session, the price of Brent oil demonstrated a clear upward rally, surpassing the first anticipated target at $87.40. This significant breakthrough was accompanied by a positive close above this level, reinforcing expectations of continued dominance by the bullish trend.

Our analysis indicates that the next major target stands at $90.00, reflecting the ongoing bullish momentum. However, it’s important to note the possibility of temporary sideways fluctuations due to stochastic negativity before the anticipated upward movement resumes.

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The validity of the bullish trend is contingent upon price stability above the $87.40 level, which serves as a critical support threshold.

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For today’s trading activities, the expected trading range is outlined as follows:
– Support: $86.20
– Resistance: $89.30

In summary, our trend forecast remains bullish, with a focus on the continuation of the upward trajectory in the price of Brent oil. Investors should remain attentive to any fluctuations in market conditions.

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