Brent oil price exits the channel – Analysis – 14/01/2019

neft-l2Brent oil price ended last Friday’s trading below the intraday bullish channel’s support line that appears on the chart, which pushes the price to achieve expected negative trades in the upcoming period, waiting to head towards 56.91 mainly.

Note that breaching 61.60 will stop the current negative pressure and brings the price back to the bullish track, which targets testing 63.95 level as a next positive station.

Expected trading range for today is between 58.00 support and 61.00 resistance.

Expected trend for today: Bearish

Brent oil price exits the channel – Analysis - 14-01-2019

Origin: Economies

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