Brent oil price achieves strong gains – Analysis – 22/07/2021

forex_news_neftBrent oil price reached 72.30 level and started to turn down now, to keep the negative effect of the double top pattern that appears on the chart active, expecting to start new bearish wave that targets 69.60 followed by 67.70 levels mainly.

Therefore, the bearish bias will be suggested for today, supported by stochastic and the EMA50 negativity, noting that breaching 72.75 will stop the expected decline and lead the price to regain the main bullish trend again.

The expected trading range for today is between 70.00 support and 73.00 resistance.

The expected trend for today: Bearish

Origin: Economies

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