UK BRENT OIL
New forecast
The price of Brent crude futures faced strong negative pressure yesterday, as it attacked the 78.87 level. We note that the price returned to fluctuation below the 82.11 level, and we expect negative trading to resume and decline towards the 80.00 areas in the near term, reaching 78.30.
Therefore, a bearish bias will be expected for today, moving average 50 return to support the price to decline , keeping in mind that breaching and stabilized above 83.80 level will stop the current negative pressure and lead the price to turn higher.
The expected trading range for today is between support 78.30 and resistance 83.80.
Be careful because of the war between Palestine and Israel, we may witness unexpected movements .
support line : 80.00 , 78.87
resistance line : 882.11 , 83.80
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 faced strong negative pressure yesterday, as it attacked the 78.87 level. We note that the price returned to fluctuation below the 82.11 level, and we expect negative trading to resume and decline towards the 80.00 areas in the near term, reaching 78.30.
Therefore, a bearish bias will be expected for today, moving average 50 return to support the price to decline , keeping in mind that breaching and stabilized above 83.80 level will stop the current negative pressure and lead the price to turn higher.
The expected trading range for today is between support 78.30 and resistance 83.80.
Be careful because of the war between Palestine and Israel, we may witness unexpected movements .
support line : 80.00 , 78.87
resistance line : 882.11 , 83.80
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
UPDATE
our last idea still active and we continue expect the downward scenario will be remain valid for coming period ,
Additionally ,Today News will affect on the market .