UK Brent 4H : Under sell pressure UK Brent Oil
New forecast
The price of Brent crude futures rose yesterday and reached 83.80, and found strong resistance there, showing some bearish tendency, waiting to stimulate the price to resume the expected bearish trend for the coming period, noting that crossing the 81.35 level will extend the bearish wave to reach the 80.00 and 78.87 areas.
Therefore the downward scenario will be remain valid and effective supported by moving average 50 that is continue support the price to decline ,taking into account that stability above 83.80 will stop the expected decline and put pressure on the price to rise up.
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
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