Brent oil price retests the broken support – Analysis - 29-10-2021
Economies.com
2021-10-29 04:47AM UTC
Brent oil price rallied upwards strongly yesterday to retest the broken support of the bullish channel that turns into key resistance now at 84.05, and the EMA50 meets this resistance to add more strength to it, while stochastic approaches to overlap negatively now.
Therefore, these factors encourage us to suggest the bearish bias today, expecting to head towards 80.80 areas mainly, taking into consideration that breaching 84.05 will stop the suggested negative scenario and push the price back to the main bullish track again.
The expected trading range for today is between 82.00 support and 85.00 resistance.
The expected trend for today: Bearish
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