Brent oil price suffers sharp losses – Analysis - 16-03-2023

Brent oil price achieved new strong decline yesterday to surpass our waited target at 75.18 and reach areas below 72.00, to open the way to continue the bearish trend on the intraday and short term basis, and we suggest resuming the bearish wave in the upcoming sessions to head towards the psychological barrier at 70.00 as a next main station.

The current rise is temporary to retest the previously broken support that turns into key resistance now at 75.18, noting that the price needs to hold below this level to keep the bearish trend active, as breaching it will lead the price to start intraday bullish correction and achieve some gains before turning back to decline again.

The expected trading range for today is between 72.00 support and 75.80 resistance.

The expected trend for today: Bearish