Midday update for Brent oil 02-02-2023

1 month ago

Brent oil price bounced bearishly after finding solid resistance at 83.50, to fall under potential negative pressure in the upcoming sessions, targeting testing 81.30 level initially, and we believe that staying aside is required now until the price confirms its next destination clearly, through surpassing one of the mentioned levels.


Note that breaking 81.30 support will lead the price to suffer additional losses that reach 79.10, while breaching 83.50 resistance will push the price to recover and visit 85.10 mainly.


The expected trading range for today is between 81.50 support and 84.00 resistance.


The expected trend for today: Neutral

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