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Midday update for Brent oil 12-03-2020
Brent oil price faces additional negative pressure to move below 34.80 level now, which urges caution from the upcoming trading, as holding with a daily close below this level will force the price to achieve more decline and head towards 31.57 mainly, while the price needs to consolidate above 34.80 to manage to resume the bullish trend that targets 38.00 followed by 41.17 levels on the near term basis.
The expected trading range for today is between 33.50 support and 38.00 resistance.
The expected trend for today: Bullish
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Midday update for Crude oil 12-03-2020
Crude oil price shows sideways trades since morning, and it keeps its stability above 61.8% Fibonacci correction level, to keep the intraday bullish scenario valid for today, waiting to resume the rise to surpass 34.50 level to ease the mission of heading towards our main expected target at 38.04, reminding you that the continuation of the bullish trend depends on the price stability above 31.07.
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