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
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