Brent oil price hits the first target – Analysis - 16-05-2022
Economies.com
2022-05-16 04:09AM UTC
Brent oil price managed to achieve our first waited target at 110.05, and opened today with bullish gap but it declines clearly now, to head towards achieving more expected negative trades in the upcoming sessions, supported by moving inside the rising wedge that appears on the chart, noting that the expected target is located at 105.05.
Therefore, we expect to witness more bearish bias today, noting that breaking the targeted level will push the price to 101.60 followed by 98.85 levels as next negative stations, while the expected decline will remain valid unless breaching 110.05 and holding above it.
The expected trading range for today is between 105.00 support and 111.00 resistance.
The expected trend for today: Bearish
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