Brent oil price tests the resistance – Analysis – 08/10/2019

brent_1Brent oil price traded with clear positivity yesterday to approach 59.60 level, and bounced bearishly to settle around 58.50 again, which keeps the main bearish trend scenario valid and active for the upcoming sessions, supported by the negative pressure formed by the EMA50, waiting to test 56.00 level initially.

Note that breaking the targeted level will push the price to 54.00 as a next station, while breaching 59.60 will stop the expected decline and lead the price to turn to rise.

The expected trading range for today is between 56.50 support and 59.60 resistance.

The expected trend for today: Bearish

Brent oil price tests the resistance – Analysis - 08-10-2019

Origin: Economies

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