Brent oil price is recovering – Analysis - 23-08-2021

Brent oil price started today with strong rise after reaching the thresholds of the main waited target at 64.55, expecting the continuation of the bullish bias to test the key resistance 67.70, which represents key level for the short term and medium term trend.

Therefore, we expect to witness more rise in the upcoming sessions, supported by stochastic positivity, noting that breaching the targeted level will push the price to achieve additional rises that reach 68.90, while holding against the current bullish wave represents the key to resume the main bearish trend that its targets begin by testing 64.55 areas.

The expected trading range for today is between 65.00 support and 68.00 resistance.

The expected trend for today: Bullish