Brent oil price shows mixed trades – Analysis - 08-04-2021
Brent oil price declined strongly yesterday to reach 61.60 level, and bounced bullishly to settle around 62.95 again, noticing that the price closed the daily candlestick below this level, to keep the chances valid to continue the expected bearish trend for the upcoming period, which gets continuous support by the EMA50.
Our waited targets begin at 60.30 and extend to 57.75, while achieving them requires holding below 62.95 and the most important below 63.85.
The expected trading range for today is between 61.30 support and 64.00 resistance.
The expected trend for today: Bearish
Crude oil price loses momentum – Analysis - 08-04-2021
Crude oil price provided clear negative trades yesterday and approached 58.00 barrier, but it rebounds bullishly to fluctuate around 59.85, keeping its stability below it, accompanied by stochastic loss to the positive momentum clearly and reaching the overbought areas, waiting to motivate the price to resume the expected bearish trend for the upcoming period, which its next targets located at 57.25 followed by 54.85.
The EMA50 continues to support the expected negative scenario, noting that it is important to hold below 59.85 and 60.60 levels to achieve the suggested targets.
The expected trading range for today is between 57.80 support and 60.60 resistance.
The expected trend for today: Bearish
Silver price is around the channel’s resistance - Analysis - 08-04-2021
Silver price trades around the correctional bearish channel’s resistance that appears on the chart, and stochastic continues to provide the negative signals, to keep our bearish overview that targets 22.90 level mainly.
The price needs to break 24.75 to reinforce the expectations to decline, taking into consideration that the continuation of the bearish wave requires holding below 25.50.
The expected trading range for today is between 24.40 support and 25.50 resistance.
The expected trend for today: Bearish
Gold price within sideways track – Analysis - 08-04-2021
Gold price fluctuates within sideways track since yesterday, hovering around 1740.00 level, thus, no change to the expected bullish trend scenario for the upcoming period, which its main target located at 1765.00.
The EMA50 supports the suggested positive scenario, noting that the continuation of the bullish wave requires holding above 1726.00 and the most important above 1713.00.
The expected trading range for today is between 1725.00 support and 1760.00 resistance.
The expected trend for today: Bullish