Brent oil price loses momentum – Analysis - 05-07-2022

Brent oil price provided clear positive trades and approached 114.00 barrier, noticing that the price loses its positive momentum to start turning to decline now, which leads the price to achieve expected decline in the upcoming sessions, targeting testing 110.10 areas again.

Therefore, we expect to witness negative trades on the intraday basis, and breaking the targeted level will extend the bearish wave to reach 107.65 followed by 105.05 levels as next main stations, while the expected decline will remain valid unless the price rallied to breach 115.10 and hold above it.

The expected trading range for today is between 109.50 support and 115.10 resistance.

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The expected trend for today: Bearish