Brent oil price faces negative pressure – Analysis - 29-04-2019

Brent oil price broke 72.65 level strongly and declined to touch the main bullish channel’s support line, and according to the trading rules inside the channels, we are waiting a bullish rebound to resume the main bullish trend again, supported by witnessing clear oversold signals through stochastic.

Note that breaching 72.65 will reinforce the expectations of continuing the main bullish trend, which its targets begin at 75.00 and extend to go further towards 79.50 after surpassing the previous level, taking into consideration that breaking 70.90 will stop the positive scenario and press on the price to turn to decline.

The expected trading range for today is between 70.00 support and 73.50 resistance.

The expected trend for today: Bullish