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Brent oil price attempts to recover – Analysis - 20-10-2022
Brent oil price traded with clear positivity on yesterday’s evening, to attack 92.20 level and settles above it, as it approached the most important resistance at 93.73, noting that the technical indicators press negatively on the price, to support the chances of resuming the negative trades and resume the bearish trend again.
Therefore, we expect to witness bearish bias today, its targets begin at 90.00 and extend to 86.30, taking into consideration that continuing the rise and breaching 93.73 will stop the negative scenario and lead the price to turn to rise.
The expected trading range for today is between 90.20 support and 94.00 resistance.
The expected trend for today: Overall bearish
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