Brent oil prices achieves some bullish correction – Analysis - 21-03-2023

Brent oil price achieved strong gains yesterday, as it leaned on 70.20 and rallied upwards to test 74.14 level that represents 23.6% Fibonacci correction level for the decline measured from 86.85 to 70.20, noticing that stochastic provides clear negative signals now, while the EMA50 forms clear negative pressure against the price.

Therefore, these factors encourage us to suggest the domination of the bearish bias for today, to start the negative targets at 70.00 and extend to 68.50, being aware that breaching 74.14 will push the price to achieve additional gains and start bullish correction that its next target reaches 76.55.

The expected trading range for today is between 70.00 support and 74.50 resistance.

The expected trend for today: Bearish