Brent oil presses on the support – Analysis - 13-07-2018

Brent oil price showed strong negative trades yesterday and attempted to break 74.00 without closing the daily candlestick below it, but it begins today with more negative attempts to press on the mentioned support, accompanied by stochastic losing the positive momentum on the four hours’ time frame.

Therefore, we believe that the chances are valid to achieve more decline in the upcoming sessions, and breaking the above mentioned support will push the price towards 72.00 as a next correctional station, being aware that it is important ot monitor the price behavior when reaching the targeted level, as breaking it will cause extension to Brent oil price losses on the short term and medium term basis, and it might cause a major trend turn to decline, while the expected decline will remain valid unless the price failed to break 74.00 and rebounds to rally upwards to breach 76.47 and hold above it.

Expected trading range for today is between 72.00 support and 76.00 resistance.

Expected trend for today: Bearish