UK Brent Oil 4H : Downtrend
Updated
UK Brent Oil
New forecast
The price of Brent crude futures continued to rise in the past sessions to approach the 83.17 barrier, as the price is testing this support, and therefore, breaking the 81.34 support will activate the negative impact and push the price to resume the downward corrective trend, heading towards visiting the 80.00 and 78.87 areas in the near term.
Therefore, we expect to witness further decline during the coming sessions, supported by the negativity of the technical indicators, taking into account that the consolidation above 83.80 level it will postponed the negative trend and support the price to rise up . so no it possible to retest to 83.17 and the dropping .
The expected trading range for today is between support 80.00 and resistance 83.17.
Be careful because of the war between Palestine and Israel, we may witness unexpected movements .
Additionally ,Today News will affect the market .
support line : 80.00 , 78.29
resistance line : 81.35 , 83.17
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 continued to rise in the past sessions to approach the 83.17 barrier, as the price is testing this support, and therefore, breaking the 81.34 support will activate the negative impact and push the price to resume the downward corrective trend, heading towards visiting the 80.00 and 78.87 areas in the near term.
Therefore, we expect to witness further decline during the coming sessions, supported by the negativity of the technical indicators, taking into account that the consolidation above 83.80 level it will postponed the negative trend and support the price to rise up . so no it possible to retest to 83.17 and the dropping .
The expected trading range for today is between support 80.00 and resistance 83.17.
Be careful because of the war between Palestine and Israel, we may witness unexpected movements .
Additionally ,Today News will affect the market .
support line : 80.00 , 78.29
resistance line : 81.35 , 83.17
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
Note
UK Brent Oil Update
As we said the price will try to retest to near 83.17 so now we have to wait until reach to near 83.17 or open 4H candle under 81.35 then our target will be activate , for reminder stabilized above 83.17 it will postponed the bearish attempts.
Note
UK BRENT
New forecast
The price of Brent crude futures rose and pushed upwards to breach the 81.35 level and approach the pivotal resistance of 83.17. It appears that the price has reached to the top of bearish channel so we expect a bearish trend during the coming trading as long as the price is trading within the bearish channel and our target will be 81.35 extend to 80.00 for the mid term .
Therefore, we expect the bearish tendency to continue during the coming sessions supported by moving average 50, taking into account the consolidation above 83.80 level will put the price under buy pressure .
The expected trading range for today is between support 80.00 and resistance 83.80.
Be careful because of the war between Palestine and Israel, we may witness unexpected movements .
Additionally ,Today News will affect the market .
support line : 81.35 , 80.00
resistance line : 83.17 , 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 ❤️
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