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Brent oil prices is facing solid support – Analysis - 02-05-2023
Brent oil prices settles at 78.90 level, which forms solid support against the price, to show some temporary bullish bias, noticing that the price is moving within bearish channel that supports the chances of continuing the bearish wave in the upcoming sessions, waiting to break the mentioned support to confirm heading towards 76.85 on the near term basis.
Therefore, the bearish trend scenario will remain suggested for the upcoming period, taking into consideration that failing to achieve the required break will lead the price to achieve intraday gains that target testing 80.40 – 80.95 levels before any new attempt to decline.
The expected trading range for today is between 77.70 support and 80.95 resistance.
The expected trend for today: Bearish
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