Midday update for Brent oil 23-05-2023
Economies.com
2023-05-23 09:48AM UTC
Brent oil price hovers around the EMA50, and continues to move inside the sideways range that its lines represented by 74.30 support and 76.80 resistance, to continue suggesting the sideways move until the price confirms surpassing one of these levels to detect its next destination clearly.
We remind you that breaching the resistance will push the price towards 78.90 followed by 80.95 as main positive targets, while breaking the support represents negative factor that will force the price to decline towards 72.70 followed by 70.15 areas mainly.
The expected trading range for today is between 74.60 support and 78.00 resistance.
The expected trend for today: Sideways
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