Brent oil price attempts to recover – Analysis - 17-03-2023

Brent oil price trades with clear positivity now to attack 75.18 level and attempts to confirm breaching it, to hint the attempt to recover and cover some losses that it suffered in the previous sessions, while the technical indicators provide negative signals that might hinder the mission of continuing the rise.

Therefore, the contradiction between the technical factors makes us prefer to stay aside until the price confirms its situation according to the mentioned level and detect the next destination clearly, noting that confirming the beach will push the price to target 77.65 areas mainly, while consolidating below it will press on the price to resume the main bearish wave that its next targets located at 73.35 followed by 72.00.

The expected trading range for today is between 73.70 support and 77.20 resistance.

The expected trend for today: Neutral