Midday update for Brent oil 03-04-2023

Brent oil price declined clearly this morning to touch 83.80 level, noticing that the price finds good support there and attempts to provide positive trades now, while our neutrality still valid until the price confirms its next destination clearly, waiting to break the support line formed at 83.80 or breaching 85.20 resistance to detect the next targets.

Note that breaking the mentioned support will push the price to suffer additional losses that reach 82.90 and might extend to 81.90 after breaking the previous level, while beaching the resistance represents positive factor that will push the price to recover and head to visit 86.85 areas initially.

The expected trading range for today is between 83.00 support and 86.60 resistance.

The expected trend for today: Neutral