Brent oil price achieves strong gains – Analysis - 03-04-2023

Brent oil price showed strong bullish gap by this week open, as it reached the recently recorded high at 86.85, noticing that the price rebounds downwards clearly to head towards covering this gap in the upcoming sessions, supported by stochastic negativity, but we prefer to stay neutral until Brent oil prices settle down and we get clearer signal for the next trend.

Note that the continuation of the negative pressure and breaking 84.05 will push the price to continue the decline and achieve negative targets that start at 82.90 and extend to 81.60, while breaching 86.85 will lead the price to resume the bullish wave and achieve more gains that reach 89.00 areas as a next main station.

The expected trading range for today is between 83.00 support and 86.60 resistance.

The expected trend for today: Neutral