Brent oil price approaches the channel’s support – Analysis – 13/01/2020

a-1Brent oil price declines calmly to approach the bullish channel’s support line that rises now to 64.00, which forms our first negative trarget, and we suggest breaking this level supported by the negative pressure formed by the EMA50 to open the way to visit 62.50 level as a next target.

Therefore, we will keep our bearish overview in the upcoming sessions unless we witnessed clear breach and holding above 65.40.

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

The expected trend for today: Bearish

Origin: Economies

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