Brent oil price achieves more bullish correction – Analysis – 19/02/2020

Brent_newsBrent oil price breached 57.36 level clearly and closed the daily candlestick above it, which leads the price to achieve more bullish correction on the intraday basis, on its way to visit 59.91 that represents 38.2% Fibonacci correction level for the decline from 70.71 to 53.23.

Therefore, we are waiting for more rise today, noting that breaking 57.36 will stop the positive scenario and pushes the price to resume the main bearish track.

The expected trading range for today is between 57.00 support and 59.90 resistance.

The expected trend for today: Bullish

Origin: Economies

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