UK Brent Oil 4H :New forecast

UK BRENT

New forecast

The price of Brent crude futures opened today's trading with a strong decline, breaking the support of the ascending channel and settling below it, which may put pressure on the price to conduct a new downward correction. Its targets begin by testing the 91.00 level and extend to 89.55 after breaking the previous level.

On the other hand, we notice that the price stops at the support of an ascending secondary channel shown in the image, and the moving average 50 meets at this support to add more strength to it, which may contribute to pushing the price to return to the main ascending path again .so stability above 92.52 postponed the bearish attempts .

The expected trading range for today is between support 91.00 and resistance 92.52 until breaching one of them .

Be careful because of the war between Palestine and Israel, we may witness unexpected movements .

support line : 91.00 , 89.55
resistance line : 92.52 , 94.00

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