Brent oil price retest the neckline – Analysis - 17-06-2022
Economies.com
2022-06-17 04:32AM UTC
Brent oil price succeeded to achieve our waited target at 115.10 and bounced bullishly to retest the broken neckline of the double top pattern that appears on the chart, keeping its stability below it to keep the negative effect of this pattern active, waiting to resume the bearish trend that its targets begin by breaking the mentioned level to open the way to hea towards 110.10.
The EMA50 and stochastic support the suggested negative scenario, noting that breaching 118.00 might push the price to test 121.30 areas before detecting the destination clearly.
The expected trading range for today is between 114.50 support and 119.50 resistance.
The expected trend for today: Bearish
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