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Brent oil price suffers strong losses – Analysis - 19-03-2021
Brent oil price declined sharply yesterday to surpass our waited target at 65.80 and touched 61.45, to notice that the price is retracing the entire bullish wave from 35.71 to 71.35, thus, we expect the continuation of the bearish trend domination in the upcoming sessions, noting that breaking 62.94 will confirm opening the way to head towards 60.20 followed by 57.75 levels as next negative targets.
The EMA50 supports the expected decline, noting that failing to achieve the required break will push the price to achieve intraday gains and test 65.75 areas before any new attempt to decline.
The expected trading range for today is between 61.50 support and 64.60 resistance.
The expected trend for today: Bearish
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