Brent Oil touches the channel’s support – Analysis – 22/06/2017

neft-l3Brent oil price suffers strong losses yesterday to hit the bearish channel’s support that appears in the above chart and settles there, reinforcing the expectations for the bearish trend continuation within the mentioned channel, pointing that our next target at 43.56.

The EMA50 keeps pushing negatively on the price to support the chances for the continuation of the decline in the upcoming period, and its targets extend to 42.72 after breaking the previous level, being aware that the continuation of the bearish trend depends on the stability below 47.05 level.

Expected trading range for today is between 42.72 support and 46.00 resistance.

Expected trend for today: Bearish

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Origin: Economies

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