Midday update for Brent oil 08-06-2023

Economies.com
2023-06-08 09:44AM UTC

Brent oil price resumes its negative trading to break 76.80 level and attempt to hold below it, reinforcing the expectations of continuing the bearish trend in the upcoming sessions, paving the way to achieve negative targets that start at 75.95 and extend to 74.30.

 

Therefore, the bearish trend scenario will remain valid and active for today unless the price rallied to breach 77.60 and hold above it, noting that stochastic provides negative signals that support the expected decline.

 

The expected trading range for today is between 75.00 support and 78.20 resistance.

 

The expected trend for today: Bearish

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