Midday update for Brent Oil 22-07-2016

Brent oil price continues to fluctuate at the key support 45.90, and as we mentioned this morning, breaking this level will push the price to suffer more losses to target 43.00 level mainly, noting that the EMA50 forms negative pressure that supports the continuation of the bearish bias in the upcoming period.

On the other hand, stochastic shows positive signals that might assist to protect the price from achieving more decline and attempt to recover on the intraday basis, which makes us continue with our neutrality until the price confirms breaking the above mentioned support or breach 48.10 resistance to detect the next destination clearly, reminding you that breaching this resistance will allow the price to return to the main bullish track and stop the current negative pressure.

Expected trading range for today is between 44.50 support and 49.00 resistance.

Expected trend for today: Depends on the above mentioned levels