Brent oil price breaches the resistance – Analysis - 12-08-2022

Brent oil price breached 100.70 level clearly, to complete forming double bottom pattern that pushed the price to test 102.25 level, and found solid resistance there, to face contradiction between the technical factors, as the price gets positive support by the EMA50, while stochastic shows clear negative signals.

Therefore, we prefer to stay aside until we get clearer signal for the next trend, noting that breaching 102.25 resistance will push the price to achieve more bullish correction and achieve positive targets that start at 105.40, while breaking 100.70 support represents negative factor that will press on the price to return to the main bearish track and head towards 98.85 followed by 97.40 levels initially.

The expected trading range for today is between 99.50 support and 104.00 resistance.

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The expected trend for today: Depends on the above mentioned levels