Brent oil price below the channel’s support – Analysis – 15/01/2020

Brent_newsBrent oil price returns to decline after attempting to return to the bullish channel that appears on the chart, to keep the bearish trend valid and active for the upcoming period, supported by stochastic and the EMA50 negativity, and the way is open to achieve our main waited target at 62.50.

Note that surpassing the mentioned target will push the price to 59.60 as a next main station, while the expected decline will remain valid conditioned by the price stability below 65.40.

The expected trading range for today is between 62.00 support and 65.00 resistance.

The expected trend for today: Bearish

Origin: Economies

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