Brent oil price resumes the decline – Analysis – 07/02/2020

neft-l4Brent oil price bounced downwards clearly yesterday to settle below 56.00 level, which reactivates the expected bearish trend scenario on the intraday and short term basis, on its way to head towards our next negative target that reaches 52.00.

The bearish channel continues to organize the suggested bearish wave, which gets continuous support by the EMA50, noting that it is important to hold below 56.00 to continue the expected decline.

The expected trading range for today is between 53.50 support and 56.30 resistance.

The expected trend for today: Bearish

Origin: Economies

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