Brent oil price tests the channel’s resistance – Analysis - 10-08-2022
Economies.com
2022-08-10 04:04AM UTC
Brent oil price tested the main bearish channel’s resistance and bounced bearishly from there, as the EMA50 managed to protect the negative scenario, to continue suggesting the bearish trend for the upcoming period, waiting to confirm breaking 98.70 to ease the mission of heading towards 95.90 followed by 90.45 levels as main targets.
Note that breaching 100.25 might push the price to achieve intraday gains that target testing 102.25 level before any new attempt to decline.
The expected trading range for today is between 96.00 support and 100.50 resistance.
The expected trend for today: Bearish
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