Brent oil price completes a positive pattern – Analysis - 14-10-2019

Brent oil price settled above 59.60 level, and completed forming a double bottom pattern that its lines appear in the image, which might push the price to achieve more of the expected rise moves in the upcoming sessions, supported by moving above the EMA50.

Therefoe, the bullish bias will be preferred for today, and the next target at 62.50, being aware that breaking 59.60 and holding below it will reactivate the negative scenario that targets 56.00 levels initially.

The expected trading range for today is between 59.00 support and 62.00 resistance.

The expected trend for today: Bullish