Brent oil attempts to break – Analysis - 14-08-2018

Brent oil price attempted to break 72.00 level yesterday but it could not manage to hold below it, to fluctuate around the bearish channel’s resistance again, noticing that the EMA50 blocks the price’s positive attempts, to keep the bearish trend scenario active for the upcoming period, which conditions the price stability below 74.00 for its continuation.

We remind you that breaking 72.00 will confirm opening the way to achieve our waited targets that start at 70.00 and extend to 67.50.

Expected trading range for today is between 70.50 support and 74.00 resistance.

Expected trend for today: Bearish