Brent oil price exits the sideways range – Analysis - 06-08-2020

Brent oil price provided clear positive trades yesterday after confirming breaching 44.40 and exits the sideways range that dominated the recent trades, to activate the bullish trend scenario, as the price achieved the expected positive targets for the breach, starting from 45.00 followed by 46.10, waiting for more rise on the intraday and short term basis, noting that the next target extends to 47.60.

Therefore, we suggest the continuation of the bullish trend in the upcoming sessions conditioned by the price stability above 44.40.

The expected trading range for today is between 44.00 support and 47.00 resistance.

The expected trend for today: Bullish