Brent oil price gets a negative signal – Analysis – 02/01/2019

Brent_newsBrent oil price settles below the EMA50 that keeps pressing negatively on the price, and the price keeps moving inside the bearish channel that appears on the chart, while stochastic begins to provide negative signals now.

Therefore, these factors encourage us to continue suggesting the bearish trend in the upcoming period, which targets 49.87 level as a next station, while holding below 54.90 represents the first condition to continue the suggested decline.

Expected trading range for today is between 51.00 support and 54.90 resistance.

Expected trend for today: Overall Bearish

Brent oil price gets a negative signal – Analysis - 02-01-2019

Origin: Economies

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