Brent oil breaches the resistance – Analysis - 08-08-2018

Brent oil price breached the bearish channel’s resistance that appears on the chart and settled above it, which pushes the price to turn to rise on the intraday basis, targeting testing 76.47 level as a next main station.

Therefore, the bullish bias will be suggested for today supported by moving above the EMA50, noting that breaking 74.00 will push the price to return to the correctional bearish track again, which its targets begin at 72.00 and extend to 70.00 after breaking the previous level.

Expected trading range for today is between 73.00 support and 76.47 resistance.

Expected trend for today: Bullish