Brent oil price recovers – Analysis – 07/04/2020

brent_1Brent oil price leaned on 23.6% Fibonacci correction level for the rise from 24.54 to 34.95 and bounced upwards clearly from there, on its way to achieve more expected gains in the upcoming sessions, and the price needs to surpass the recorded top at 34.95 to confirm opening the way to achieve our main positive target at 36.00.

The EMA50 keeps supporting the suggested bullish wave, noting that breaking 32.50 will put the price under more negative pressure to head towards testing 31.00 before any new attempt to rise.

The expected trading range for today is between 32.50 support and 36.00 resistance.

The expected trend for today: Bullish

Origin: Economies

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