Brent oil price achieves some gains – Analysis 29.10.2018

neft-l2Brent oil price returned to rise to breach 76.56 level and and rallies towards the intraday bearish channel’s resisatnce that appears on the chart, keeping its stability below it, accompanied by witnessing clear overbought signals through stochastic, while the EMA50 forms continuous negative pressure against the price.

Therefore, these factors encourage us to continue suggesting the overall bearish trend, which its next main target located at 74.00, while breaching 77.60 followed by 78.50 levels represent the key to return to the main bullish trend.

Expected trading range for today is between 76.00 support and 78.50 resistance.

Expected trend for today: Bearish

Brent oil price achieves some gains – Analysis - 29-10-2018

Origin: Economies

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