Midday update for Brent oil 24-01-2023

Brent oil price trades negatively to move below 88.20, which might push the price to test the bullish channel’s support line around 86.40 before any new attempt to rise.

Now, we prefer to stay aside until we get clearer signal for the next trend through breaching one of the mentioned levels, noting that breaching 88.20 resistance will lead the price to resume the bullish wave that its next target located at 90.35. while breaking the support will push the price to suffer additional losses that reach 85.10.

The expected trading range for today is between 86.50 support and 89.00 resistance.

The expected trend for today: Neutral