Brent oil price attacks the resistance – Analysis – 06/02/2020

forex_news_neftBrent oil price begins today’s trading with a bullish bias to breach 56.00 level and attempts to settle above it, which requires being aware from the upcoming trading, where confirming the breach will push the price to achieve intraday gains that begin by testing 58.50 and might extend to 59.60 before any new negative attempt, while the trading below 56.00 will reactivate the bearish trend scenario that its next target located at 52.00.

therefore, we prefer staying aside until the price confirms its attitude according to 56.00 level to detect the next trend clearly.

The expected trading range for today is between 54.50 support and 58.00 resistance.

The expected trend for today: Neutral

Origin: Economies

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