Brent oil faces more potential negative pressure – Analysis – 29/05/2018

brent_1Brent oil price traded with clear negativity yesterday to approach 74.23, noticing that the EMA50 forms continuous negative pressure against the price, to support the chances of breaking the mentioned level followed by pushing the price to head towards 72.18 as a next station.

In general, we will keep our expectation of the bearish trend domination unless the price managed to breach 76.77 level and hold above it.

Expected trading range for today is between 74.00 support and 76.77 resistance.

Brent oil faces more potential negative pressure – Analysis - 29-05-2018

Origin: Economies

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