Brent oil price achieves strong gains – Analysis - 24-11-2021
Brent oil price rose strongly yesterday to breach 80.80 level and settles above it, which hints heading to resume the main bullish trend and stop the correctional bearish wave, but we prefer to stay aside until the price confirms its situation according to the mentioned level followed by detecting the next trend clearly, as stochastic shows negative signals that might press on the price to decline again.
Note that consolidating above 80.80 will lead the price to achieve additional gains that start at 82.40 and extend to 83.60, while breaking it and trading below it will reactivate the correctional bearish trend scenario that its first target located at 77.70.
The expected trading range for today is between 79.50 support and 82.50 resistance.
The expected trend for today: Neutral
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