Brent Oil below the moving average – Analysis – 05/05/2016

neft1Brent oil price kept its stability below the EMA50 after the positive attempt that provided yesterday, which keeps the bearish trend scenario valid on the intraday basis, which targets testing 43.60 level initially, being aware that breaking this level will push the price to visit the bullish channel’s support at 41.60.

Stochastic loses its bullish momentum gradually to support the expected decline, pointing that the expected decline is temporary according to the trading rules within the price channels, where breaching 45.65 level represents positive factor that will lead the price to attempt to regain the bullish trend and targets 48.70 levels initially.

Expected trading range for today is between 42.60 support and 47.00 resistance.

Expected trend for today: Temporarily Bearish

oil43

Origin: Economie

Рейтинг FOREX брокеров

Рекомендуемые брокеры


 

Leave a Reply