Brent oil price touches the support – Analysis - 03-02-2023

Brent oil price provided more negative trades to test 81.30 level, affected by the previously completed double top pattern to head towards achieving more expected decline in the upcoming sessions, noting that breaking the mentioned level will push the price to 79.20 as a next negative target.

Therefore, we expect the continuation of the bearish bias on the intraday basis, noting that failing to break 81.30 will lead the price to achieve gains that start by visiting 83.50 and extend to 85.10.

The expected trading range for today is between 80.00 support and 83.50 resistance.

The expected trend for today: Bearish