Brent Oil faces strong negative pressure – Analysis - 20-04-2017

Brent oil price traded with strong negativity yesterday to break 54.87 level and heads to 52.71 level directly, noticing that the price found strong support at the mentioned level, showing some calm positive attempts.

Now, we prefer staying aside temporarily until getting clearer confirmation signal, which we will get it by breaching one of the critical levels that represented by 52.71 support and 54.87 resistance, pointing that breaking this support will extend Brent oil price losses to reach 50.96 as a next main station, while breaching the resistance will lead the price to recover and regain the main bullish trend, which its first main target at 58.36. 

Expected trading range for today is between 51.50 support and 55.50 resistance.

Expected trend for today: Depends on the above mentioned levels