Advertisements

Brent Oil Price Faces Negative Pressure

by Jennifer

The Brent oil price concluded the previous session with evident negativity, breaching the 77.44 level and settling below it. This suggests a potential attempt to revert to the primary bearish trajectory. However, the price confronts robust support established at the previously breached resistance of the bearish channel evident on the chart. Concurrently, stochastic indicators exhibit positive signals, which may contribute to pushing the price for a recovery.

Given the conflicting technical factors, a cautious approach is recommended until the price unequivocally determines its next direction. It is noteworthy that a break below the support level of 76.60 could propel the price to sustain its decline, targeting negative objectives commencing at 74.70 and extending to 73.35. Conversely, breaching the resistance at 77.44 holds the key to initiating a new bullish wave, with the initial targets positioned around 79.15.

Advertisements

The expected trading range for today is anticipated to oscillate between the support level of 75.40 and the resistance level of 78.70.

Advertisements

Today’s expected trend: Neutral

You May Also Like

blank

Futuresstocktrading.com is a comprehensive futures information portal. Whether you’re a novice or seasoned trader, find futures news, futures market, futures trading tips, and futures basic knowledge to enhance your trading prowess and financial success.

[Contact us: [email protected]]

© 2023 Copyright  Futuresstocktrading.com – Futures Market, Investment, Trading & News