Brent oil price begins bearish correction – Analysis – 03/05/2019

neft-l4Brent oil price suffered sharp losses yesterday after breaking the main bullish channel’s support line, to start bearish correction for the rise that its started from 50.25 areas, and we believe that the chances are valid to extend the bearish wave affected by the negative pattern that its signs appear on the chart, expecting to motivate the price to break 69.62 level to open the way to head towards 65.92 on the near term basis.

Therefore, the bearish trend will be expected in the upcoming period unless breaching 72.05 level and holding above it.

The expected trading range for today is between 69.00 support and 71.50 resistance.

The expected trend for today: Bearish

Brent oil price begins bearish correction – Analysis - 03-05-2019

Origin: Economies

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