Midday update for Brent oil 17-06-2022
Economies.com
2022-06-17 09:20AM UTC
Brent oil price trades positively to breach 118.00 level, but it faces intraday resistance formed by the EMA50 at 118.80 now, to keep the chances valid to resume the expected bearish trend for the upcoming period, which its first main target located at 115.10.
Ntoe that breaching 118.80 will cancel the negative effect of the double top pattern and lead the price to rally towards 121.30 mainly.
The expected trading range for today is between 114.50 support and 119.50 resistance.
The expected trend for today: Bearish
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