Midday update for Brent oil 07-08-2018

Economies.com
2018-08-07 09:34AM UTC

Brent oil price trades positively now to move above 74.00 level, but we notice that the minor bearish channel’s resistance line attempts to prevent the price from achieving more rise, to keep our bearish trend expectations conditions by trading below 74.00 again, waiting to target 72.00 level initially.

 

We should note that breaching 74.25 will stop the negative scenario and push the price to achieve positive targets that reach 76.47 initially.

 

Expected trading range for today is between 72.00 support and 75.00 resistance.

 

Expected trend for today: Bearish

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