Brent oil price achieves intraday gains – Analysis - 04-08-2020

Brent oil price traded with clear positivity yesterday to reach 44.40 areas, noticing that the price moves within sideways track recently between the mentioned resistance and 42.85 support, making the sideways bias suggested on the intraday basis until the price manages to surpass one of the mentioned levels.

Note that breaching the mentioned resistance will push the price to continue the main bullish trend that its main targets begin at 45.00 and extend to 46.10, while breaking the support will press on the price to start correctional bearish wave that targets 41.60 and might extend to 39.45 areas before any new attempt toresume the main bullish track.

The expected trading range for today is between 42.00 support and 45.00 resistance.

The expected trend for today: Sideways