Brent oil price touches the target – Analysis - 27-05-2022

Brent oil price soared yesterday to touch our waited target at 115.10, and finds solid resistance there, waiting to get enough positive momentum to push the price to surpass this level and open the way to continue the rise and achieve new gains that reach 117.00 followed by 121.30.

Breaching 115.10 is required to confirm the continuation of the bullish wave, as the consolidation against the current rise will press on the price to turn to decline and head towards 112.75 followed by 110.05 levels mainly.

The expected trading range for today is between 113.00 support and 117.50 resistance.

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The expected trend for today: Bullish