Brent oil loses momentum – Analysis – 16/07/2018

neft-l2Brent oil price traded with clear positivity on last Friday’s evening to approach testing the most important resistance to the intraday trades at 76.47, and the price begins to rebound bearishly to head towards 74.00, as it faced negative pressure formed by the EMA50, accompanied by stochastic loss to the positive momentum and starting to provide negative overlapping signal on the four hours’ time frame.

Therefore, these factors encourage us to suggest the bearish bias in the upcoming sessions unless breaching 76.47 level and holding above it, noting that breaking 74.00 will confirm opening the way to head towards 72.00 direct.

Expected trading range for today is between 72.50 support and 76.47 resistance.

Expected trend for today: Bearish

Brent oil loses momentum – Analysis - 16-07-2018

Origin: Economies

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