Brent oil price suffers sharp losses – Analysis – 07/04/2022

forex_news_neftBrent oil price declined sharply yesterday to break 105.05 and reach the thresholds of 100.00$ barrier, to fall under expected negative pressure in the upcoming period, targeting 98.85 as a next negative station.

Therefore, we expect to witness more decline on the intraday basis supported by the negative pressure formed by the EMA50, noting that breaching 105.05 will stop the negative scenario and lead the price to attempt to recover again.

The expected trading range for today is between 98.00 support and 105.00 resistance.

The expected trend for today: Bearish

Origin: Economies

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