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Brent oil price completes positive pattern – Analysis - 21-08-2023
Brent oil price traded with clear positivity in the previous sessions to breach 84.33 and settles above it, and by taking a deeper look at the chart, we find that the price completed forming double bottom pattern that supports the chances of achieving more rise in the upcoming sessions, to confirm stopping the recently suggested negative scenario and head to resume the bullish trend again, noting that the expected targets begin at 86.75 and extend to 88.20.
Stochastic current negativity might cause some temporary sideways fluctuation before resuming the positive trades, taking into consideration that the continuation of the bullish wave requires holding above 84.33.
The expected trading range for today is between 84.33 support and 87.40 resistance.
The expected trend for today: Bullish
Crude oil price stops the bearish correction – Analysis - 21-08-2023
Crude oil price breached 80.65 level clearly and settled above it, starting today with new rise to move away from this level, to confirm stopping the bearish correction and head to regain the main bullish trend again, paving the way to achieve gains that start at 82.90 and extend to 84.90.
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