Brent Oil tests the support – Analysis - 21-04-2017

Brent oil price returns to test the key support 52.71, which represents 38.2% Fibonacci correction level for the rise measured from 43.56 to 58.36, and as we mentioned yesterday, the mentioned level represents one of the key levels that has the next trend keys besides 54.87 resistance, thus, we need to breach one of these levels to detect the next targets clearly, which makes us continue with our neutrality until now.

We remind you that breaking 52.71 will extend the correctional bearish wave to reach 50.96 as a next main target, while breaching 54.87 will lead the price to regain its main bullish track that its next target located at 58.36.

Expected trading range for today is between 51.50 support and 55.00 resistance.

Expected trend for today: Depends on the above mentioned levels