As of the midday update on August 7, 2023, Brent oil price is experiencing negative trades, testing the crucial support level at 85.85. Earlier in the day, it was emphasized that the price must hold above this level to sustain the bullish trend for the day. A break below this support could lead to a shift towards a decline, potentially resulting in additional losses that may reach 84.65 initially.
For the price to regain its bullish momentum, it needs to surpass the resistance at 86.65, which would bolster the chances of resuming the primary uptrend. The next significant target for the bullish trend lies at 87.65.
Today’s expected trading range for Brent oil is anticipated to be between the support level at 85.00 and the resistance level at 88.00.
Overall, the expected trend for today remains bullish, but the price’s ability to hold above the critical support level will be crucial in determining its short-term trajectory. Traders and investors will closely monitor the price action as it approaches the support and resistance levels to make informed decisions amidst the current market conditions.
