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Midday update for Brent oil 01-05-2023
Brent oil prices managed to achieve our first target at 78.90 and breaks it to attempt to hold below it now, reinforcing the expectations of continuing the bearish trend in the upcoming sessions, paving the way to rally towards our next correctional target that reaches 76.85.
Therefore, we will continue to suggest the bearish trend on the intraday and short term basis, noting that failing to consolidate below 78.90 will lead the price to start new recovery attempts that target testing 80.96 areas again.
The expected trading range for today is between 78.00 support and 80.00 resistance.
The expected trend for today: Bearish
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Midday update for Crude oil 01-05-2023
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