Brent Oil achieves some gains – Forecast – 16/08/2017

Brent_newsBrent oil price bounced bullishly after touching the main bullish channel’s support that appears on chart, to move around 51.00 level now, while the EMA50 forms negative pressure against the intraday trading, accompanied by stochastic entering the overbought areas now.

Therefore, these factors encourage us to continue suggesting the bearish trend in the upcoming sessions, and the targets begin by breaking 50.10 level to confirm opening the way to head towards 49.50 followed by 48.28 levels, taking into consideration that breaching 52.22 will stop the expected decline and lead the price to continue achieving gains on the short term basis.

Expected trading range for today is between 49.00 support and 52.00 resistance.

Expected trend for today: Bearish

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Origin: Economies

 

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