Brent oil price achieves bullish correction – Analysis - 14-02-2020
Brent oil price provided new positive trades to surpass the bearish channel’s resistance that appears on the chart, to start bullish correction for the bearish wave that started from 70.71, as it approaches 23.6% Fibonacci correction level – located at 57.36 - , noticing that stochastic shows negative signals now, which supports the chances of resuming the main bearish trend.
Therefore, we suggest the continuation of the overall bearish trend in the upcoming period, which its next main target located at 52.00, noting that breaching 57.36 will stop the negative scenario and leads the price for more bullish correction that its next target reaches 59.91.
The expected trading range for today is between 54.20 support and 57.36 resistance.
The expected trend for today: Bearish
Commodities News
Commodities
Gold prices mount to fresh record highs for second straight session
Gold prices rose on Monday to a fresh record high while the dollar inched up against most main ...
Commodities
Brent hits a two-week high after Iranian President's death, Saudi king's health deterioration
International benchmark Brent rose in American trade on Monday on track for the fourth profit in a ...
Commodities
Gold scales a fresh record high at $2450
Gold prices rose in European trade on Friday on track for the second profit in a row, hitting a ...
Commodities Technical Analysis
Commodities
Brent oil price forecast update 20-05-2024
Brent Oil Price Analysis Expected Scenario Brent oil price is facing temporary negative ...
Commodities
Crude oil price forecast update 20-05-2024
Crude Oil Price Analysis Expected Scenario Crude oil price is testing the key support ...
Commodities
Silver price forecast update 20-05-2024
Silver Price Analysis Expected Scenario Silver price shows some bearish bias now, ...