Brent oil price faces good resistance – Analysis – 17/02/2020

a-1Brent oil price tested 57.36 level and keeps its stability below it, accompanied by witnessing negative signals through stochastic, which supports the chances of bouncing bearishly to resume the main bearish trend, which targets 54.65 followed by 53.20 levels as initial negative stations.

Therefore, the bearish trend scenario will remain valid for the upcoming period unless breaching 57.36 level and holding above it, as this breach will lead the price to head towards the next correctional level that reaches 59.91 before any new attempt to decline.

The expected trading range for today is between 55.00 support and 58.00 resistance.

The expected trend for today: Bearish

Origin: Economies

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