[06 August 2024]
Today, Tuesday 06 August 2024, StockCharts365 has taken a closer look again at the technical picture for the oil price (Brent Spot).
The oil price (Brent Spot) may soon fall to 45.00-60.00 dollars, StockCharts365.com believes.
As also written in the previous analysis on 24 July, and when the oil price was around USD 82.00 (Brent Spot), there are more and more indications now that the oil price may face a very sharp decline.
Today, Brent Spot is trading around USD 76.00, and if it breaks below USD 75.00 and 70.00, then the road down to USD 40.00 - 50.00 could be very short, StockCharts365.com believes.
Technical Analysis of the Oil Price (Brent Spot)
Technical Analysis of the Oil Price (Brent Spot):
This chart for the oil price (Brent Spot) speaks for itself, so there is probably no need to write much more here.
It is worth writing here that it looks very bearish for the oil price going forward now, and as this chart for Brent Spot looks here.
Everything is connected, and the stock markets have fallen sharply on fears of a recession, and the price of oil will be hit hard if it turns out to be a recession.
So, as always, it will be very exciting to follow the development going forward for both the stock exchanges worldwide, the oil price, etc.
Also read the previous analysis here of the oil price here at StockCharts365.com recently and when Brent Spot was around USD 82.00, while today it trades around USD 76.00.
StockCharts365.com has today, Wednesday 24 July 2024, taken a closer look at the oil price and Brent Spot. The oil price may soon fall to 45.00-60.00 dollars, StockCharts365.com believes.
NB! Remember to have read and understood the disclaimer.
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