Brent oil price returns to the sideways track – Analysis - 26-05-2023

Brent oil price suffered strong losses yesterday to end trades below 76.80 level and return to the sideways range that appears on the chart, to suggest the domination of the sideways bias on the intraday basis until the price manages to break 74.30 support or breach 76.80 resistance.

The contradiction between the technical indicators reinforces the chances of moving sideways, noting that the continuation of the decline and breaking the mentioned support will push the price to suffer additional losses and head to 72.55 followed by 70.15 levels as next negative stations, while breaching the resistance represents the key to start new recovery attempts and achieve gains that reach 78.90 on the near term basis.

The expected trading range for today is between 74.00 support and 77.70 resistance.

The expected trend for today: Sideways