Brent oil price achieves temporary gains – Analysis - 03-08-2022
Brent oil price rallied upwards strongly yesterday to breach the bearish channel’s resistance and achieve intraday gains that reached 106.45, but it returns to decline and fluctuate around the mentioned channel’s resistance, as it falls under continuous negative pressure coming by the EMA50, to support the chances of resuming the main bearish trend, waiting to test 102.25 initially.
Therefore, we expect to witness negative trades in the upcoming sessions, and breaking 102.25 will push the price to 99.25 areas on the near term basis, while the expected decline will remain valid unless the price rallied to breach 105.75 and hold above it.
The expected trading range for today is between 100.00 support and 105.75 resistance.
The expected trend for today: Bearish
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