Brent oil price attacks the resistance – Analysis – 13/02/2020

forex_news_neftBrent oil price provides clear positive trading yesterday and attacked 56.00 level, but it begins today with a bearish bias to settle below this level, which keeps the chances valid for resuming the main bearish trend, especially that stochastic provides negative signals that supports the expectations for moving lower in the upcoming sessions, waiting for heading to 52.00 as a next main station.

therefore, we will keep preferring the bearish trend on the intraday and short term basis, being aware that breaching 56.00 and holding above it wil lead the price to turn to the upside and head towards 59.60 levels on the near term basis.

The expected trading range for today is between 54.00 support and 57.00 resistance.

The expected trend for today: Bearish

Origin: Economies

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