Brent oil tests the resistance – Analysis - 03-08-2018

Brent oil price managed to touch our main waited target at 72.00, but it bounced upwards clearly to approach testing the key resistance 74.00, which is met by the EMA50 to add more strength to it, accompanied by witnessing clear overbought signals through stochastic.

Therefore, these factors encourage us to continue suggesting the bearish trend in the upcoming sessions, noting that breaking 72.00 will push the price towards 70.00 direct, while breaching 74.00 will stop the expected decline and lead the price to return to the main bullish trend again.

Expected trading range for today is between 71.50 support and 75.00 resistance.

Expected trend for today: Bearish