Brent oil price faces solid resistance – Analysis - 08-06-2023

Brent oil price breached 76.80 yesterday and settled above it, but it faced solid resistance around 77.60, to rebound bearishly and attempt to trade below 76.80 now, to hint heading to resume the expected bearish wave on the intraday basis, motivated by stochastic current negativity, waiting to visit 75.95 followed by 74.30 levels as next main targets.

Note that holding below 77.60 is important to continue the expected decline, as breaching it represents the key to continue the rise and head to test 78.90 areas as a next main station.

The expected trading range for today is between 75.00 support and 78.20 resistance.

The expected trend for today: Bearish