Brent oil price faces solid resistance – Analysis 19-10-2023

Neft_cenaBrent oil price couldn’t manage to hold for long time above the bullish channel’s support line, to trade negatively and head towards potential test to the key support 90.30, while we notice that stochastic gains the positive momentum clearly to support the chances of turning back to rise and recover on the intraday basis.

The contradiction between the technical indicators makes us prefer to stay aside until we get clearer signal for the next trend, noting that breaching 92.30 will push the price back to the main bullish track and achieve gains that start at 94.00 then 96.05, while breaking 90.30 support represents the key to resume the bearish correction and achieve negative targets that start at 89.20 and extend to 86.75 on the near-term basis.

The expected trading range for today is between 90.00 support and 93.00 resistance.

The expected trend for today: Neutral

Origin: Economies

 

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