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Brent oil price begins with new negativity – Analysis – 22/12/2020

Brent oil price opens today’s trading with bearish bias after the strong rise that it witnessed in the previous sessions, which hints the price head to resume the correctional bearish wave, supported by stochastic negativity, waiting to head towards 48.50 that represents the first correctional target.

Therefore, we expect witnessing more decline today, and breaking 50.35 will ease the mission of achieving the waited target, while breaching 51.00 represents positive key that will stop the suggested negative scenario and push the price to resume the main bullish track again.

The expected trading range for today is between 48.50 support and 51.50 resistance.

The expected trend for today: Bearish

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