Brent oil prices achieves clear gains – Analysis - 22-03-2023

Brent oil price settled above 74.14 after the strong rise that it witnessed yesterday, to hint achieving expected bullish correction in the upcoming sessions, but it faces solid horizontal resistance at 75.15, besides clear negative signals through stochastic and the EMA50.

Therefore, we prefer to stay aside until the price confirms its next destination clearly through surpassing one of the above mentioned levels.

Note that breaching 75.15 resistance will push the price to achieve bullish correction that its targets begin at 76.55 and extend to 78.50 after surpassing the previous level, while breaking 74.14 represents the key to resume the main bearish trend that targets 72.15 followed by 70.00 levels as next negative stations.

The expected trading range for today is between 73.00 support and 76.60 resistance.

The expected trend for today: Neutral