Brent oil price under the negative pressure – Analysis - 30-01-2023

Brent oil price bounced downwards strongly after testing 88.20 level in the previous sessions, to reach near 85.10 areas, moving within sideways range that its lines represented by the mentioned levels, and we suggest witnessing more sideways bias until the price manages to breach one of these levels to detect its next destination clearly.

Note that the facing additional negative pressure and breaking 85.10 support line will push the price to achieve more negative targets and head towards 83.60 followed by 81.35 levels, while breaching 88.20 resistance will push the price to achieve additional bullish correction that its next main target reaches 91.25.

The expected trading range for today is between 84.50 support and 88.00 resistance.

The expected trend for today: Sideways