Brent Oil gets rid of the negative momentum – Analysis – 22/04/2016

neft-l3Brent oil price traded with clear negativity yesterday affected by the negative momentum that appeared on stochastic, noticing that the indicator gains clear positive momentum, as it reaches the thresholds of the oversold areas, which supports the chances of bouncing bullishly to resume the bullish bias on the short term basis.

The EMA50 keeps supporting the price from below, thus, the bullish trend will remain valid and active for the upcoming sessions as long as the price is above 43.60 level, reminding you with our next main target at 48.70.

Expected trading range for today is between 43.60 support and 48.70 resistance.

Expected trend for today: Bullish

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Origin: Economies

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