Brent oil price achieves the target – Analysis - 17-01-2022

Brent oil price succeeded to achieve our main waited target at 85.80 and settles around it, and it might witness some temporary bearish bias affected by stochastic negativity before resuming the bullish wave, waiting to confirm breaching the mentioned level to open the way to head towards 86.60 as a next target.

On the other hand, we should note that breaking 83.90 will stop the expected rise and press on the price to turn to decline on the intraday basis to visit 80.80 areas before any new positive attempt.

The expected trading range for today is between 84.20 support and 87.00 resistance.

The expected trend for today: Bullish