Brent oil price keeps its positive stability – Analysis – 16/10/2020

neft-l4Brent oil price settled inside the intraday bullish channel’s support line again after the strong decline that the price witnessed yesterday, to keep the bullish trend valid for the upcoming period, supported by the EMA50 that protects the price from suffering more losses, waiting to head towards 44.10 followed by 46.43 levels as next main targets.

On the other hand, we should note that breaking 42.50 will stop the expected rise and press on the price to turn to decline on the intraday basis to visit 40.00 level initially.

The expected trading range for today is between 41.80 support and 44.30 resistance.

The expected trend for today: Bullish

Origin: Economies

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