Brent oil price achieves the first target – Analysis - 10-01-2019

Brent oil price succeeded to achieve our first waited target at 61.20 and shows some bearish bias from there, as it touched the intraday bullish channel’s resistance that appears on the chart, which supports the chances of continuing the bullish wave in the upcoming period, as our next target is located at 63.95.

Therefore, we will continue to suggest the bullish trend conditioned by the price stability above 59.25, noting that breaking this level will push the price to test 56.91 areas before any new positive attempt.

Expected trading range for today is between 59.50 support and 63.00 resistance.

Expected trend for today: Bullish