Brent oil price is forced to drop – Analysis – 21/02/2020

neft-l4Brent oil price approached our waited target 59.91 and bounced bearishly from there, on its way for potential test to the key support 57.36, but we notice that stochastic provides clear positive signals now, while the EMA50 keeps protecting trading inside the correctional bullish channel.

Therefore, we will continue to suggest the bullish trend for the upcoming period unless we witnessed clear break and hold below 57.36, reminding you that breaching 59.91 will push the price to 61.97 as a next correctional target.

The expected trading range for today is between 57.50 support and 60.50 resistance.

The expected trend for today: Bullish

Origin: Economies

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