Brent oil price gathers the positive momentum – Analysis – 31/12/2019

brent_1Brent oil price rose clearly yesterday to test 67.50 areas, but it declines and settles around 66.50 now, as the price affected by stochastic negativity, which approaches the oversold areas now, waiting to motivate the price to resume the bullish trend that targets 68.95 level mainly.

In general, we will continue to suggest the bullish trend for the upcoming period unless breaking 65.40 level and holding below it, noting that the EMA50 supports the suggested bullish wave.

The expected trading range for today is between 65.40 support and 68.50 resistance.

The expected trend for today: Bullish

Origin: Economies

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