Brent oil price approaches the targets – Analysis – 05/02/2020

Brent_newsBrent oil price provided new negative trades to approach our waited target at 53.55, and it returns to fluctuate around the bearish channel’s support line that appears on the chart, affected by stochastic positivity, waiting to get negative motive that supports the expectations of continuing the main bearish trend, noting that surpassing the mentioned target will push the price to 52.00 as a next main station.

Therefore, the bearish trend will remain dominant in the upcoming sessions unless the price rallied to breach 56.00 and hold above it.

The expected trading range for today is between 53.00 support and 56.00 resistance.

The expected trend for today: Bearish

Origin: Economies

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