Brent oil price breaches the resistance – Analysis - 24-05-2023

Brent oil price breached 76.80 level clearly and closed the daily candlestick above it, to exit the sideways range that dominated the recent trades and activates the positive scenario on the intraday basis, on its way to test 78.90 level as a first target, noting that breaching this level will push the price to 80.95 areas direct.

Therefore, the bullish trend will be expected in the upcoming sessions, it might be preceded by some temporary sideways fluctuation affected by stochastic current negativity, noting that breaking 76.80 will stop the expected rise and push the price to return to the sideways track again.

The expected trading range for today is between 76.50 support and 79.40 resistance.

The expected trend for today: Bullish