Brent oil price approaches the resistance – Analysis – 11/10/2019

neft-l4Brent oil price traded with clear positivity yesterday to approach the key resistance 59.60, accompanied by stochastic loss to the positive momentum, which supports the chances of resuming the expected bearish trend on the intraday and short term basis, which targets testing 56.00 level initially.

On the the other hand, we should note that breaching 59.60 and holding above it will stop the suggested decline and push the price to achieve more gains that reach 62.50 on the near term basis.

The expected trading range for today is between 57.00 support and 60.30 resistance.

The expected trend for today: Bearish

Brent oil price approaches the resistance – Analysis - 11-10-2019

Origin: Economies

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