Brent oil price attempts to recover – Analysis – 04/01/2019

neft-l4Brent oil price surpassed the bearish channel’s resistance, but it’s still below the most important resistance 56.91, which keeps the overall bearish trend scenario valid until now, supported by stochastic reach to the overbought areas.

Breaking 54.80 is required to reinforce the expectations of resuming the bearish trend that targets 49.87 level as a next station, noting that confirming breaching 56.91 will push the price to achieve more gains that reach 60.00 initially.

Expected trading range for today is between 54.00 support and 57.00 resistance.

Expected trend for today: Overall Bearish

Brent oil price attempts to recover – Analysis - 04-01-2019

Origin: Economies

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