Brent oil price suffers some losses – Analysis - 03-05-2021
Economies.com
2021-05-03 01:10AM UTC
Brent oil price faced clear negative pressure to reach 67.00$ barrier, noticing that the EMA50 provides the positive support to the price, while stochastic enters the oversold areas now.
Therefore, we believe that the chances valid to resume the main bullish trend, organized inside the bullish channel that appears on the chart, waiting to head towards 69.00 followed by 70.00 levels as next main targets, taking into consideration that breaking 65.80 will stop the expected rise and press on the price to suffer additional losses on the intraday and short term basis.
The expected trading range for today is between 66.00 support and 69.00 resistance.
The expected trend for today: Bullish
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