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Brent Oil suffers sharp losses – Analysis - 02-08-2016
Brent oil price bounced downwards sharply yesterday after testing the key resistance level that declines now to 43.75, as the price closed the daily candlestick below 43.00 level, which confirms the activation of the bearish trend scenario as we mentioned in our last technical update.
Therefore, we believe that the chances are valid to provide more negative trades in the upcoming period, waiting to test 39.96 level as a next main target, taking into consideration that the continuation of the expected bearish trend depends on holding below 43.00 and 43.75 levels.
Expected trading range for today is between 40.00 support and 44.00 resistance.
Expected trend for today: Bearish
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Crude Oil attacks the psychological barrier – Analysis - 02-08-2016
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