Brent oil price approaches the target – Analysis - 19-10-2018

Brent oil price approached our main waited target at 78.49, showing some sidways bias affected by stochastic positivity, while it moves inside the intraday bearish channel that appears on the chart, which supports the chances of continuing the bearish trend in the upcoming period.

Therefore, the bearish trend will remain suggested for today unless the price managed to breach 80.43 level and hold above it, reminding you that surpassing the targeted level will extend the bearish wave to reach 76.56 as a next main target.

Expected trading range for today is between 77.50 support and 80.43 resistance.

Expected trend for today: Bearish