Brent OIL in USD until April 2024 + some projections into 2025
Weekly timeframe suggests that BRENT is in its second half accumulation area, which will last until April 2024. Inside the accumulation area OIL will in the range of USD 79-96, bottoming in the mid of December 2023 and topping in the end of February 2024. The last bottom of accumulation phase will happen in the mid of April at the level of around USD 90, but no lower than USD 87.
End of April will mark a major breakout from the accumulation phase starting a new sequence of higher highs, the first is expected around the level of USD 98. Followed by a quick retest of USD 93-96 range ending in the beginning of July 2024.
The long awaited OIL bullrun is likely to start in July 2024 and last until mid September 2025 reaching USD 213 level.
End of April will mark a major breakout from the accumulation phase starting a new sequence of higher highs, the first is expected around the level of USD 98. Followed by a quick retest of USD 93-96 range ending in the beginning of July 2024.
The long awaited OIL bullrun is likely to start in July 2024 and last until mid September 2025 reaching USD 213 level.
