Brent Oil retests– Analysis - 08-12-2016
Economies.com
2016-12-08 05:08AM UTC
Brent oil price retests the key support level 52.83 now, accompanied by witnessing clear oversold signals through stochastic, besides the EMA50 heading towards the mentioned support to add more strength to it.
Therefore, these factors encourage us to continue suggesting the overall bullish trend, which its next main target located at 56.59, noting that breaking 52.83 level will push the price to visit 51.00 level direct before any new attempt to rise.
Expected trading range for today is between 52.00 support and 55.50 resistance.
Expected trend for today: Bullish
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