UK Brent 4H : Still trades at the bearish channel
UK BRENT OIL
New forecast
The price of Brent crude futures rose sharply in the past sessions, reaching the top of the descending channel and confirming the continuation of the dominance of the downward trend in the immediate term, paving the way for achieving additional gains starting at 80.00 and extending to 78.87.
Therefore the downward scenario will be remain valid and effective during coming period and the moving average 50 still support the price to decline , taking into account that stabilized above 82.11 will force the price to get out of bearish channel and will start a positive trades .
The expected trading range for today is between support 78.87 and resistance 82.11 .
Be careful because of the war between Palestine and Israel, we may witness unexpected movements .
support line : 80.00 , 78.87
resistance line : 82.11 , 83.05
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
New forecast
The price of Brent crude futures rose sharply in the past sessions, reaching the top of the descending channel and confirming the continuation of the dominance of the downward trend in the immediate term, paving the way for achieving additional gains starting at 80.00 and extending to 78.87.
Therefore the downward scenario will be remain valid and effective during coming period and the moving average 50 still support the price to decline , taking into account that stabilized above 82.11 will force the price to get out of bearish channel and will start a positive trades .
The expected trading range for today is between support 78.87 and resistance 82.11 .
Be careful because of the war between Palestine and Israel, we may witness unexpected movements .
support line : 80.00 , 78.87
resistance line : 82.11 , 83.05
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
