Brent oil reaches the target – Analysis - 02-08-2018

Few pips separated Brent oil price from our waited target at 72.00, to show some bullish bias now, affected by stochastic positivity, and it might retest the previously broken support line of the main bullish channel before resuming the bearish trend again.

Holding below 74.00 keeps the correctional bearish trend scenario active for the upcoming period, and breaking 72.00 will push the price to visit 70.00 direct, while breaching 74.00 will lead the price to start recovery attempts that target 76.47 areas initially.

Expected trading range for today is between 70.50 support and 74.00 resistance.

Expected trend for today: Bearish