Commodities

Midday update for Brent oil 06-08-2020

2020-08-06 09:04:00 GMT (Economies.com)

Brent oil price shows some bearish bias now to head towards potential test to the intraday bullish channel’s support line that appears on the chart, and we notice that the EMA50 meets this support to add more strength to it, while stochastic reaches the oversold areas.

 

Therefore, we believe that the chances valid to resume the expected bullish trend today, which depends on the price stability above 44.40, while its next main target located at 47.60.

 

The expected trading range for today is between 44.00 support and 47.00 resistance.

 

The expected trend for today: Bullish

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