Brent Oil faces solid resistance – Analysis – 18.08.2016

Neft prognozBrent oil price fluctuates near the psychological barrier at 50.00$ per barrel, and the price might be forced to show more sideways fluctuation until it manages to get enough positive momentum to push the price to breach the mentioned level followed by opening the way to continue the main bullish wave, which its next main target located at 52.83.

The EMA50 continues to support the price from below, and as long as the price is stable above 47.65 and 46.76 levels, our bullish overview will remain valid and active for the upcoming period, as breaking these levels represent negative factor that will push the price to visit 43.00 areas again before any new attempt to rise.

Expected trading range for today is between 48.00 support and 52.00 resistance.

Expected trend for today: Bullish

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Origin: Economies

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