Brent Oil Prices Experience Volatility Following US CPI Data
Brent oil prices fall sharply form 95.50 level to 91.10 area after US CPI beat expectations. Risk assets have been faced sell off, but brent stay turns back to 93.27 levels on close. Meanwhile, news of US potentially refilling its reserves lifted the crude oil prices off their session -lows in overnight session.
Technically, 50-Daily Moving Average (DMA) crossed the 200 DMA for the downside, still the risk sentiment for black metal is negative today. The bearish trend line is located around 87.25 level which is powerful support. On the upside, we follow 93.70 level as the first support level.
The expected trading range for today is between 88.50 support and 95.50 resistance.
- Support: 91.10 – 88.50 – 87.25
- Resistance: 93.70 – 95.50 – 98.60