Brent Oil under the negative pressure – Analysis - 24-04-2017

Brent oil price achieved clear break to 52.71 level and settled below it, which opens the way towards extending the bearish correctional wave on the intraday basis, where the next target located at 50.96 and breaking this level will push the price to 49.21 directly.

Therefore, the bearish bias will be preferred in the upcoming sessions, supported by the negative pressure that comes from the EMA50, pointing that breaching 52.71 will stop the current decline and leads the price to attempt to regain the main bullish trend, the positive targets begin by testing 54.87 level.

Expected trading range for today is between 49.21 support and 53.50 resistance.

Expected trend for today: Bearish