Midday update for Brent oil 16-05-2022
Economies.com
2022-05-16 09:43AM UTC
Brent oil price attempts to break the rising wedge’s support line and finds difficulty to confirm the break, to test the key resistance 110.05 now, which urges caution from the upcoming trading, as breaching this level will stop the expected negative scenario for today and lead the price to resume the bullish wave on the intraday basis, while breaking 109.30 will ease the mission of rallying towards our negative targets that start at 101.60 and extend to 98.85.
The expected trading range for today is between 105.00 support and 111.00 resistance.
The expected trend for today: Bearish
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