Brent oil price succeeds to break – Analysis - 06-04-2021

Brent oil price managed to break 62.95 and hold with a daily close below it, which supports the continuation of our bearish overview, as it succeeded to touch our first suggested target at 61.50, to notice heading to retest the broken support at 62.95, which keeps its stability below it until now, waiting to rebound bearishly to resume the bearish trend that its next target located at 60.30.

Therefore, the negative scenario will remain dominant in the upcoming sessions unless breaching 62.95 and holding with a daily close above it.

The expected trading range for today is between 61.00 support and 63.60 resistance.

The expected trend for today: Bearish