Brent oil price continues to fluctuate – Analysis - 03-08-2020

Brent oil price keeps fluctuating within sidways track and moves around 43.35, stay stuck between the trend keys represented by 42.75 support and 43.85 resistance, and as we mentioned in our recent reports, the price needs to breach one of these levels to detect its next targets clearly, which keeps our neutrality valid until now.

We remind you that breaking the support will put the price under negative pressure that targets 41.25 areas and might extend to 39.44 on the near term basis, while breaching the resistance will open the way to resume the main bullish trend that targets 44.80 followed by 46.35 levels as next positive stations.

The expected trading range for today is between 42.00 support and 45.00 resistance.

The expected trend for today: Neutral