Brent oil faces negative pressure. Analysis – 11/06/2018

neft-l2Brent oil price could not manage to hold for long time above 76.77, to break it and settle below it now, which puts the price under potential negative pressure in the upcoming sessions, targeting testing 74.23 initially.

On the other hand, stochastic shows clear oversold signals now that might assist to push the price to attempt to recover and return to rise again.

Therefore, we prefer staying aside temporarily until we get clearer signal for the next trend, noting that breaching 77.35 will motivate the price to regain the main bullish trend and target 80.88 level initially, while breaking 74.23 will push the price to suffer losses that reach 72.18 and might extend to 70.13 on the near term basis.

Expected trading range for today is between 75.50 support and 78.00 resistance.

Expected trend for today: Depends on the above mentioned levels

Brent oil faces negative pressure – Analysis - 11-06-2018

Origin: Economies

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