Brent oil price around the moving average – Analysis - 12-02-2019

Brent oil price hovers around the EMA50, and as long as the price is below 63.10, our bearish overview will remain active, as breaching this level will activate the positive effect of an inverted head and shoulders’ pattern that has positive target that start at 68.00 and extend to 72.65.

Now, the price needs a negative motive that pushes the price to resume the expected bearish trend for the upcoming period, reminding you that our next main target is located at 59.55.

The expected trading range for today is between 60.00 support and 63.10 resistance.

The expected trend for today: Bearish