Brent oil price faces negative pressure – Analysis – 14/01/2021


Brent oil price provided clear negative trades yesterday as a bearish correction for the last bullish wave measured from 50.55 to 57.39, as it settles now at 23.6% Fibonacci correction level that forms key support at 55.78, accompanied by stochastic reach to the oversold areas, which supports the chances of resuming the main bullish trend again, to keep the overall positive scenario valid until now.

Our main expected targets begin at 57.77 and extend to 60.65, noting that breaking 55.78 will press on the price to achieve more decline and visit 54.78 and might extend to 54.00 areas before any new attempt to rise.

The expected trading range for today is between 55.00 support and 57.77 resistance.

The expected trend for today: Bullish

Origin: Economies

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Karice Dabule

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