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Brent oil prices surpasses the extended target – Analysis - 03-05-2023
Brent oil prices declined sharply yesterday after breaking 78.90 level, to achieve our waited negative target at 76.85 and break it to close the daily candlestick below it, opening the way to continue the decline and achieve additional negative targets that reach 74.30.
The bearish channel organizes the suggested bearish wave, which gets continuous support by the EMA50, noting that breaching 76.85 will stop the expected decline and lead the price to achieve intraday gains that start by testing 78.90 areas.
The expected trading range for today is between 73.50 support and 77.00 resistance.
The expected trend for today: Bearish
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