Brent oil price keeps its negative stability – Analysis – 16/01/2020

forex_news_neftBrent oil price keeps its stability below the broken support of the bullish channel, and stochastic begins to lose the positive momentum, while the EMA50 keeps pressing negatively on the price.

Therefore, we believe that the chances is valid to resume the expected bearish trend on the intraday basis, which its next target located at 62.50, while holding below 65.40 represents key condition to continue the expected decline.

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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