Brent oil price settles below the broken support – Analysis - 07-04-2021
Economies.com
2021-04-07 03:18AM UTC
Brent oil price returned to decline clearly after testing the bearish channel’s resistance that appears on the chart, to settle below 62.95 level again, which keeps our bearish overview valid and active for the upcoming period, supported by the negative pressure that the EMA50 continues to provide, waiting to head towards 60.30 that represents our next main target.
On the other hand, we should note that breaching 62.95 followed by 64.00 levels will stop the expected decline and lead the price to turn to rise.
The expected trading range for today is between 61.00 support and 64.00 resistance.
The expected trend for today: Bearish
Commodities News
Commodities
Brent climbs 1.25% after Saudi crude price hike
2024-05-06 14:34PM UTC
International benchmark Brent rose 1.25% in the early American trade on track for the first profit ...
Commodities
Gold recovers as dollar loses ground
2024-05-06 09:32AM UTC
Gold prices rose in European trade on Monday for the first session in three days away from ...
Commodities
Oil prices reverse lower, with US crude slumping 7% this week
2024-05-03 19:36PM UTC
Oil prices fell on Friday to seven-week lows amid concerns about oversupplies after an unexpected ...
Commodities Technical Analysis
Commodities
Coffee price collapses – Forecast today – 7-5-2024
2024-05-07 05:38AM UTC
Expected Scenarios and Trading Range Scenario 1: Strong Negative Pressure Coffee price fails ...
Commodities
Natural gas price needs to confirm the breach – Forecast today – 7-5-2024
2024-05-07 05:37AM UTC
Expected Scenarios and Trading Range Scenario 1: Attempted Breakout Natural gas price ...
Commodities
Platinum price leans above the moving average – Forecast today – 7-5-2024
2024-05-07 05:31AM UTC
Expected Scenarios and Trading Range Scenario 1: Positive Stability Platinum price maintains ...