Brent Oil negotiates the key support – Analysis - 09-05-2017
Economies.com
2017-05-09 04:29AM UTC
Brent oil price attempted to break 49.21 level but it could not manage to hold for long time below it, noticing that the price fluctuates near this level and begins today with bearish bias that hints the beginning of new attempt to break, supported by the negative pressure formed by the EMA50.
Therefore, the bearish trend scenario will remain valid for the upcoming period, reminding you that our next main target is located at 47.05, which achieving it conditions holding below 50.00 and 50.96 levels.
Expected trading range for today is between 47.05 support and 50.96 resistance.
Expected trend for today: Bearish
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