Brent oil surpasses the first correctional level – Analysis – 28/05/2018

neft-l2Brent oil price succeeded to achieve our first negative target mentioned in our last report at 76.77 and broke it to settle below it, which opens the way to extend the bearish wave to target 74.23 level that represents 38.2% Fibonacci correction level for the rise from 63.49 to 80.87.

Therefore, the bearish trend will remain dominant in the upcoming period unless breaching 76.77 level and holding above it.

Expected trading range for today is between 74.23 support and 78.00 resistance.

Brent oil surpasses the first correctional level – Analysis - 28-05-2018

Origin: Economies

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