Brent oil approaches the first target – Analysis - 16-08-2018

Brent oil price succeeded to confirm breaking 72.00 level and rallied downwards to approach our first waited target at 70.00, reinforcing the expectations of continuing the bearish trend in the upcoming period, which its target extend to reach 67.50 after breaking the previous level.

Therefore, we will continue to suggest the bearish trend in the upcoming period supported by the EMA50 that protects trading inside the bearish channel that apprears on the chart, noting that it is important to hold below 72.00 as a first condition to continue the suggested bearish wave.

Expected trading range for today is between 69.00 support and 72.00 resistance.

Expected trend for today: Bearish