Brent oil prices remained in an upward channel

14 April, 2017

Brent oil prices remained in an upward channel

Brent oil prices remained in an upward channel on Thursday. However, the benchmark softened to its lower band. After finding a decent support at 55.50 sellers had to retreat. The price bounced off the level and erased a minor part of its losses in the Asian session. The price stopped at 55.90 in the morning and stayed around the mark the first part of the day. The resistance lies at 56.50, the support comes in at 55.50 dollars per barrel.

Trading recommendations: If the price succeeds and fixes below the level of 55.50 dollars per barrel, the market may start a new descending correction. The first bearish target is 54.50.


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