Brent oil price attempts to recover – Analysis - 16-08-2019
Economies.com
2019-08-16 05:00AM UTC
Brent oil price shows some slight bullish bias after touching 57.40 areas yesterday, and it might retest the broken support of the minor bullish channel before resuming the bearish trend again.
In general, we suggest the continuation of the negative pressure in the upcoming sessions as long as 59.93 level remains intact, supported by the EMA50 that pushes the price downwards, noting that we are waiting to visit 56.23 level as a next main station.
The expected trading range for today is between 57.00 support and 59.50 resistance.
The expected trend for today: Bearish
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