Brent oil price attacks the support – Analysis - 31-07-2020

Brent oil price provided strong negative trades yesterday to break 42.75 level, as it approached the first expected target for the break at 41.25, but it bounced upwards quickly to settle above the first level, which makes us continue with our neutrality, waiting to confirm surpassing 42.75 support or 43.85 resistance to detect the next targets clearly.

Note that breaking the mentioned support will open the way to achieve negative targets that start at 41.25 and extend to 39.44, while breaching the resistance will lead the price to continue the main bullish trend that its next targets located at 44.80 followed by 46.35.

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

The expected trend for today: Neutral