Brent oil price tests the moving average – Analysis – 01/08/2019

forex_news_neftBrent oil price traded negatively yesterday to test the intraday bullish channel’s support line that appears on the chart, noticing that the EMA50 forms good support base that protects the price from suffering more losses, accompanied by stochastic reach to the oversold areas.

Therefore, these factors support the chances of resuming the main expected bullish trend for the upcoming period, which its next target located at 65.92, while its continuation conditions holding above 63.70 and the most important above 62.92.

The expected trading range for today is between 63.00 support and 66.00 resistance.

The expected trend for today: Overall Bullish

Brent oil price tests the moving average – Analysis - 01-08-2019

Origin: Economies

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