Brent Oil inside the bearish channel – Analysis – 19/06/2017

neft-l2Brent oil price fluctuates around 76.4% Fibonacci correction level for the rise measured from 43.56 to 58.36, and the price still inside the bearish channel that appears on chart, noticing that the EMA50 forms negative pressure that supports the continuation of the decline inside this channel.

Therefore, we suggest the continuation of the bearish bias in the upcoming sessions, to head towards testing 45.40 followed by 43.56 levels mainly, noting that breaching 48.00 will stop the current negative pressure and lead the price to attempt to regain the main bullish trend again.

Expected trading range for today is between 45.00 support and 48.00 resistance.

Expected trend for today: Bearish

gg3

Origin: Economies

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