Brent Oil Price Analysis
Expected Scenario
Brent oil price succeeded to touch our waited target at 80.08$ and settled there, facing solid resistance, as the bearish channel’s resistance line meets the EMA50 that adds more strength to these areas, accompanied by witnessing clear negative signals through stochastic, which might force the price to rebound bearishly in the upcoming sessions.
Now, we prefer to stay aside until the price confirms its situation according to the mentioned level to detect the next destination clearly, noting that breaching it will lead the price to continue the rise and achieve additional gains that reach 82.40$, while consolidating below it will push the price to resume the main bearish track and head to achieve negative targets that start at 78.60$ and extend to 77.18$.
Expected Trading Range
Between 78.70$ support and 81.80$ resistance
Trend Forecast: Neutral
Origin: Economies
