Brent oil reaches the target – Analysis - 12-02-2018

Brent oil price approached from our waited target at 61.71, and opens today with a bullish price gap that puts the price near the critical resistance at 64.00, which provides signals for the price attempt to regain the bullish trend and compensate the losses that suffered in the last sessions.

The price faces contradiction between stochastic positivity and the negative pressure that comes from the EMA50, which makes us stay aside temporarily until getting clearer signal for the next trend, which we will get it by breaching one of the critical levels that represented by 61.70 support and 64.00 resistance.

Note that breaching the mentioned resistance will lead the price to achieve positive targets that begin at 65.40 and extend to 67.68, while breaking the support will push the price to keep declining and head to 61.08 then 60.00 as a next main station.

Expected trading range for today is between 62.00 support and 65.40 resistance.

Expected trend for today: Depends on the above mentioned levels