Brent oil price soars – Analysis - 03-04-2020

Brent oil price rallied very sharp yesterday after yesterday’s hints of decreasing oil production from Saudi Arabia and Russia, to record historical rise that stopped near 36.00$ barrier, while in the same time, it recorded historical rebound too, to lose most of the gains that it achieved and begins today with more negativity to approach 28.00$ barrier, which hints that the price is on its way to resume the main bearish trend again.

Therefore, we expect the domination of the bearish bias on the upcoming trading, waiting to visit 26.00 followed by 24.60 levels as next main targets, noting that breaching 29.50 is considered as a positive factor that will stop the current negative pressure and leads the price to recover again.

The expected trading range for today is between 24.60 support and 30.00 resistance.

The expected trend for today: Bearish