Brent oil price within sideways track – Analysis - 23-05-2023

Brent oil price bounced bullishly after approaching 74.30 level yesterday, to reach the thresholds of the key resistance 76.80 now, noticing that the price moves within sideways range between the mentioned levels, to suggest the domination of the sideways bias until the price manages to surpass one of these levels and detect its next destination clearly.

Note that breaking 74.30 support will push the price to resume the main bearish track and head to achieve new decline that its next targets reach 72.70 followed by 70.15, while breaching 76.80 resistance represents the key to rally to achieve gains that start at 78.90 and extend to 80.95 after surpassing the previous level.

The expected trading range for today is between 74.60 support and 78.00 resistance.

The expected trend for today: Sideways