Brent oil price suffers sharp losses – Analysis - 14-11-2018
Economies.com
2018-11-14 05:04AM UTC
Brent oil price faced very strong negative pressure yesterday to lose 7% of its value, and it surpassed our main target mentioned in our previous reports at 67.45 to approach 38.2% Fibonacci correction level for the rise from 27.09 to 68.73, waiting for more decline to touch the mentioned correctional level at 63.95.
The EMA50 presses negatively on the price to support the chances of continuing the bearish bias, noting that breaching 66.85 might stop the negative pressure and lead the price to start recovery attempts that target testing 70.30 level initially.
Expected trading range for today is between 63.50 support and 66.85 resistance.
Expected trend for today: Bearish
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