Brent oil price completes a positive pattern – Analysis - 22-01-2019

Brent oil price tests the intraday bullish channel’s support line, while on the other hand, we notice that the price completed forming an inverted head and shoulders’ pattern that appears on the chart, which means that the price has positive motive that we expect to push the price to breach 63.95 level and rally towards positive targets that extend to 67.50 followed by 72.65.

Therefore, our bullish overview will remain valid for today unless breaking 61.70 followed by 60.90 levels and holding below them.

Expected trading range for today is between 61.00 support and 64.00 resistance.

Expected trend for today: Bullish