Brent oil prices maintained their negative bias

18 April, 2017

Brent oil prices maintained their negative bias in the night trade on Monday. Sellers broke 55.50 and remained within the level in the night. The benchmark formed a tight consolidation range and stayed there during the late night and European session. The resistance lies at 55.50, the support comes in at 54.50 dollars per barrel.

Trading recommendations: The bearish momentum is likely to be regained soon. We recommend placing sell orders if the benchmark does a breakout at the support level of 55.50. The potential bearish target is 54.50 dollars per barrel.


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