Brent oil price achieves some gains – Analysis - 09-08-2022
Economies.com
2022-08-09 04:23AM UTC
Brent oil price shows positive trades to approach testing 100.00$ barrier, while the price continues to move inside the main bearish channel, and the EMA50 meets this channel’s resistance to add more strength to it, while stochastic loses its positive momentum to reach the overbought areas.
Therefore, these factors encourage us to continue suggesting the bearish trend for the upcoming period, which its targets begin by breaking 97.85 to ease the mission of heading towards 95.90 followed by 90.45 levels, noting that holding below 100.70 is important to continue the expected decline.
The expected trading range for today is between 96.00 support and 101.00 resistance.
The expected trend for today: Bearish
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