Brent oil price approaches the target – Analysis - 16-12-2019

Brent oil price approached from our waited target to reach 65.40, and bounced lower to move near 64.30 now, where it is affected by stochastic negativity, while the EMA50 keeps providing positive support for the price, to support the continuaton of the expected bullish trend scenario on the intraday and short term basis.

Therefore, we will keep preferring the overall bullish trend unless breaking 62.50 level and holding below it, pointing that surpassing the above mentioned target will push the price to achieve new targets that reach to 68.95.

The expected trading range for today is between 63.00 support and 66.00 resistance.

The expected trend for today: Bullish