Brent oil price resumes the decline – Analysis – 26/02/2020

Brent_newsBrent oil price suffered sharp losses yesterday, as it reached 54.00$ barrier, reinforcing the expectations of continuing the main bearish trend, which its first main target located at 53.23, noting that surpassing this level will push the price to 52.00 followed by 50.00 levels as next negative stations.

The EMA50 forms continuous negative pressure against the price, which supports the chances of continuing the decline in the upcoming sessions, reminding you that it is important to hold below 57.36 to continue the expected decline.

The expected trading range for today is between 53.00 support and 55.50 resistance.

The expected trend for today: Bearish

Origin: Economies

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