Brent oil price under the negative pressure – Analysis - 30-03-2023

Brent oil price faced clear negative pressure on yesterday’s evening to break 78.50 level and settles below it, which hints the weak correctional bullish wave, but we notice that the EMA50 provides continuous positive support to the price, accompanied by witnessing clear positive signals through stochastic, waiting to motivate the price to rise again to surpass the mentioned level and open the way to visit 80.50 as a next positive target.

Therefore, the bullish bias will be expected for today, depending on the continuous positive effect of the double bottom pattern that its signs appear on the chart, noting that the continuation of the decline and breaking 76.55 will stop the bullish trend and push the price to decline again.

The expected trading range for today is between 76.50 support and 79.60 resistance.

The expected trend for today: Bullish