Brent oil price attempts to recover – Analysis - 02-02-2023

Brent oil price’s sharp decline stopped at 82.30 level, starting today positively in attempt to cover some of the losses that it suffered in the previous sessions, targeting visiting 85.10 level mainly.

Therefore, we expect to witness positive trades today, supported by the positive overlapping signal that stochastic begins to provide now, noting that the consolidation of 83.65 level against the current bullish bias will stop the suggested positive scenario and press on the price to resume the negative trades.

The expected trading range for today is between 82.50 support and 85.50 resistance.

The expected trend for today: Bullish