Brent oil prices suffer strong losses – Analysis - 20-03-2023

Brent oil price declined sharply in the previous sessions after consolidating below 75.18 level, to reach the expected extended negative target at 72.00, noticing that the price continues to provide negative trades to hint heading to surpass this level and open the way to achieve more negative targets that reach 70.00.

Therefore, we expect the continuation of the bearish trend domination in the upcoming period, supported by the negative pressure formed by the EMA50, taking into consideration that failing to break 72.00 will stop the bearish wave and lead the price to start recovery attempts and visit 75.45 areas initially.

The expected trading range for today is between 70.50 support and 74.00 resistance.

The expected trend for today: Bearish