Brent oil price begins with bullish gap – Analysis – 12/11/2018

a-1Brent oil price opened today’s trading with bullish gap that puts the price above 70.30 level, and it heads to test the bearish channel’s resistance that appears on the chart, noticing that the EMA50 meets the mentioned resistance to add more strength to it, which keeps the overall bearish trend scenario valid.

Breaking 70.30 is required to ease the mission of heading towards 68.00 that represents our next main target, noting that the continuation of the bearish trend depends on holding below 72.45.

Expected trading range for today is between 69.00 support and 72.45 resistance.

Expected trend for today: Bearish

Brent oil price begins with bullish gap – Analysis - 12-11-2018

Origin: Economies

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