Brent oil price under the negative pressure – Analysis - 24-07-2020

Brent oil price ended yesterday with strong negativity to attack 43.35 and attempts to hold below it, which urges caution from the upcoming trading, as settling below this level will stop the recently suggested positive scenario and push the price for bearish correction for the rise that start from last April.

Now, we need to monitor the upcoming trading according to the support line that rises to 43.50, as stepping above it will lead the price to resume the main bullish trend that targets 46.35 areas as a next station, while holding below it will put the price under additional negative pressure that targets 41.25 followed by 39.44 levels on the near term basis.

The expected trading range for today is between 41.50 support and 45.50 resistance.

The expected trend for today: Neutral