Brent oil attempts to recover – Analysis - 12-07-2018

Brent oil price traded with strong negativity yesterday after breaking 76.47 level, noticing that 74.00 level showed strong stability against the sharp decline, as this level formed the meeting point of 38.2% Fibonacci correction level with the previously breached resistance of the bearish channel that appears on the chart, accompanied by witnessing positive signals through stochastic.

Therefore, these factors encourage us to suggest the bullish bias for today, to start attempts to recover the losses that it suffered in the previous sessions, targeting testing 76.47 level initially, taking into consideration that breaking 74.00 level will push the price towards 72.00 direct.

Expected trading range for today is between 73.00 support and 76.80 resistance.

Expected trend for today: Bullish