Brent oil price achieves intraday gains – Analysis - 27-06-2022
Brent oil price traded with clear positivity in the previous sessions to test 110.10 and settles there, noticing that the price attempts to breach this level, while it faces strong negative factors formed by the EMA50 and stochastic.
Threefore, the price is facing contradiction between the technical factors that makes us prefer to stay aside until the price confirms its situation according to 110.10 level, noting that breaching it will lead the price to achieve additional gains that start at 112.20 and extend to 115.10, while consolidating below it will press on the price to rebound bearishly and head towards 105.05 as a next main target.
The expected trading range for today is between 106.50 support and 112.20 resistance.
The expected trend for today: Neutral
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