Brent Oil within sideways track – Analysis – 26.08.2016

neft-l2Brent oil price shows sideways trading recently as we notice from the above chart, noticing that there is a contradiction between the technical signals, between the positive support provided by the EMA50 and stochastic negativity, which might cause mixed trading in the upcoming sessions, which makes us prefer staying aside until we get clearer confirmation signal for the next trend.

Note that the next trend depends on breaching one of the key levels represented by 48.50 support and 50.20 resistance, as breaching this resistance represents the first key to regain the main bullish trend, which its targets begin at 51.20 and extend to 52.83, while breaking the support will push the price to continue the correctional bearish trend that its next target located at 47.49.

Expected trading range for today is between 47.00 support and 52.00 resistance.

Expected trend for today: Depends on the above mentioned levels

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Origin: Economies

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