Brent Oil is forced for some decline – Forecast – 22/08/2017

neft-l6Brent oil price traded with clear negativity after approaching from 53.00$ per barrel barrier, to lean on 23.6% Fibonacci correction level – for the rise measured from 44.35 to 53.62- and keeps its stability above it, as it begins today with bullish bias that hints resuming the bullish trend that moves organized inside the bullish channel that appears on chart.

Stochastic provides positive signals now, while the EMA50 provides the positive support to the price, therefore, these factors encourage us to continue suggesting the bullish trend in the upcoming sessions, and the targets begin at 53.62 and extend to 54.80, noting that breaking 51.53 followed by 50.50 will stop the expected rise and push the price to extend its bearish correction on the short term basis.

Expected trading range for today is between 50.50 support and 54.80 resistance.

Expected trend for today: Bullish

Origin: Economies

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