Brent oil price attempts to recover – Analysis – 07/10/2019

a-1Brent oil price achieved some temporary intraday gains in the last sessions and appraohced from 59.00 barrier, but it begins today with a bearish bias to move below 58.00, reinforcing the expectations for the main bearish trend continuation, supported by the negative pressure that comes from the EMA50, besides the negative signal that comes from stochastic now.

Therefore, we wait for more of the downside moves for today, and the targets begin by testing 56.00 level again, reminding you that the continuation of the expected decline requires holding below 59.60 level.

The expected trading range for today is between 56.00 support and 59.00 resistance.

The expected trend for today: Bearish

Brent oil price attempts to recover – Analysis - 07-10-2019

Origin: Economies

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