Brent oil price begins bearish correction – Analysis - 20-09-2023

Economies.com
2023-09-20 03:48AM UTC

Brent oil price’s rise stopped at 96.00$ barrier, to rebound downwards clearly and break the intraday bullish channel’s support line that appears on the chart, noticing that the price begins today with additional strong decline to confirm starting bearish correction for the rise measured from 82.00 to 96.05, waiting to visit 92.74 as a first station.

 

Therefore, we expect to witness more decline in the upcoming sessions, taking into consideration that breaching 94.10 will stop the current negative pressure and lead the price to attempt to resume the main bullish trend again.

 

Advertistment

The expected trading range for today is between 91.80 support and 94.90 resistance.

 

The expected trend for today: Bearish

Commodities News

Palladium News

Commodities

Palladium sharpens decline to below $1000 an ounce
2023-12-08 16:57PM UTC
Palladium prices fell on Friday as the dollar rose against most major rivals, sharpening losses to ...
Gold News

Commodities

Gold edges up ahead of US jobs data
2023-12-08 08:12AM UTC
Gold prices rose in European trade on Friday for the third straight session ahead of US monthly ...
Oil News

Commodities

Oil prices try to recover from six-month trough
2023-12-07 13:55PM UTC
Global oil prices rose on Thursday for the first time in six days away from six-month lows as the ...

Commodities Technical Analysis

Brent oil Analysis

Commodities

Midday update for Brent oil 08-12-2023
2023-12-08 10:36AM UTC
Brent oil price attempted to breach 75.60 level but it returned to fluctuate below it again, which ...
Oil Analysis

Commodities

Midday update for Crude oil 08-12-2023
2023-12-08 10:36AM UTC
Crude oil price traded with additional positivity to attack 70.50 level but it returned to trade ...
Silver Analysis

Commodities

Midday update for Silver 08-12-2023
2023-12-08 10:36AM UTC
Silver price fluctuates at the key support 23.70, and as long as the price is above this level, our ...