Brent oil price tests the resistance – Analysis – 10/08/2021

brent_1Brent oil price trades with clear positivity after touching 67.70 level in the previous sessions, to reach the key resistance 69.65, accompanied by stochastic loss to the positive momentum clearly, waiting to motivate the price to resume the expected bearish trend on the intraday and short term basis, which targets testing 67.70 again.

We remind you that breaking the targeted level will extend the bearish wave to reach 66.00 followed by 64.55 levels, while holding below 69.65 represents key condition to continue the expected decline.

The expected trading range for today is between 67.70 support and 70.50 resistance.

The expected trend for today: Bearish

Origin: Economies

Leave a Reply