Brent Oil approaches from the target – Analysis - 30-03-2017
Brent oil price rallied higher clearly yesterday to approach from our first waited target at 52.71, pointing that surpassing this level will push the price to retest the previously broken neckline for the double top pattern that appears in the above chart that located at 53.60, where the price gets positive support from the EMA50 that reinforces the chances for the continuation of the bullish bias in the upcoming sessions.
Therefore, we will keep preferring the bullish trend for today unless breaking 50.96 level and holding below it, being aware that breaching 53.60 will stop the bearish correctional wave and leads the price regain its main bullish track.
Expected trading range for today is between 50.96 support and 54.00 resistance.
Expected trend for today: Bullish
Commodities News
Commodities
Gold scales fresh record highs and marks weekly gains
Gold prices rose on Friday and scaled fresh record highs, marking the second weekly profit in a ...
Commodities
Silver about to trade above $30 once more for first time in 3 years
Silver prices rose in European trade on Friday, resuming gains and approaching $30 an ounce for the ...
Commodities
Gold hovers near four-week high ahead of Christopher Waller's remarks
Gold prices rose in European trade on Friday, resuming gains and approaching four-week highs, and ...
Commodities Technical Analysis
Commodities
Update: Silver price resumes the bullish track
Silver price rallied upwards strongly to breach 29.80$ level and approach 31.00$ barrier, to stop ...
Commodities
Update: Gold price surpasses the first target
Gold price succeeded to achieve our first target at 2400.00$ and breached it to confirm the ...
Commodities
Brent oil price forecast update 17-05-2024
Brent Oil Price Analysis Expected Scenario Brent oil price hovers around the EMA50 that ...