Brent oil price breaches key resistance – Analysis - 03-12-2020

Brent oil price rallied upwards strongly yesterday to breach the correctional bearish channel’s resistance line that appears on the chart and settles above it, which stops the recently suggested negative scenario and leads the price to return to the main bullish track again, on its way to achieve gains that start at 49.00 and extend to 50.50.

Therefore, we suggest witnessing more rise on the intraday and short term basis, noting that breaking 47.90 will push the price back to the correctional bearish track and head towards testing 45.88 areas initially.

The expected trading range for today is between 47.00 support and 50.00 resistance.

The expected trend for today: Bullish