Brent oil resumes the decline – Analysis – 05/06/2018

brent_1Brent oil price traded with strong negativity yesterday on its way towards our waited negative target mentioned in our last report at 74.23, to keep the bearish trend scenario suggested in the upcoming sessions, being aware that we need to monitor the price behavior when reaching the mentioned level, as breaking it will complete negative formation that has the ability to push the price towards 72.18 followed by 70.13 areas easily.

Therefore, we will continue to suggest the bearish trend for today unless the price rallied to breach 76.77 level and hold above it.

Expected trading range for today is between 73.50 support and 76.77 resistance.

Brent oil resumes the decline – Analysis - 05-06-2018

Origin: Economies

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