Brent oil price presses on the support – Analysis – 12/04/2022

brent_1Brent oil price provided clear negative trades yesterday to attack 98.85 level, reinforcing the expectations of continuing the bearish trend on the intraday and short term basis, waiting to confirm the break to open the way to rally towards 95.45 that represents our next main station.

Therefore, we will continue to suggest the bearish trend on the intraday and short term basis, noting that failing to break 98.85 will lead the price to start recovery attempts that target visiting 105.05 areas before any new attempt to decline.

The expected trading range for today is between 95.00 support and 101.00 resistance.

The expected trend for today: Bearish

Origin: Economies

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