Brent oil price rebounds from the target – Analysis - 05-12-2018
Economies.com
2018-12-05 05:18AM UTC
Brent oil price approached our waited positive target yesterday at 63.95 and bounced downwards strongly to move below 61.00 barrier now, which hints that the price faces the negative pressure again, and the chances are valid to resume the main bearish trend, as we expect the decline to continue to test last week recorded lot at 57.77.
Therefore, the bearish bias will be expected for today supported y moving below the EMA50, unless breaching 61.80 level and holding above it.
Expected trading range for today is between 59.00 support and 62.00 resistance.
Expected trend for today: Bearish
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