Brent oil price hits the extended targets – Analysis - 10-04-2020

Brent oil price succeeded to achieve our positive targets suggested in our recent reports, which reached 36.00, and it bounced downwards strongly from there to face negative pressure and break 32.50 and settles below it, which hints the price head to suffer more expected losses in the upcoming sessions, on its way to visit 30.97 followed by 29.75 levels as initial targets.

Therefore, the bearish bias will be expected for today, supported by moving below the EMA50, noting that breaching 32.50 is considered as initial positive factor that will stop the current negative pressure and leads the price to attempt to rise again.

The expected trading range for today is between 29.00 support and 33.00 resistance.

The expected trend for today: Bearish