Brent oil price achieves the extended targets – Analysis - 21-07-2021

Brent oil price managed to touch our waited target at 67.70 and bounced bullishly from there, to test the key resistance 69.60 and keeps its stability below it now, accompanied by witnessing clear negative signals through stochastic, which supports the chances of resuming the bearish trend in the upcoming sessions, noting that breaking 67.70 will push the price to 64.55 as a next negative target.

Therefore, we expect to witness more decline on the intraday and short term basis, noting that breaching 69.60 is considered as initial key to attempt to regain the main bullish trend again.

The expected trading range for today is between 67.00 support and 70.00 resistance.

The expected trend for today: Bearish