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Brent oil price continues to decline – Analysis - 21-12-2018
Brent oil price shows more decline to confirm surpassing 55.00 barrier after closing yesterday’s trading below it, which supports the continuation of our bearish overview efficiently in the upcoming period, waiting for more decline to target 53.00 followed by 49.87 levels.
Settling below 56.90 is important to continue the suggested decline, as breaching it will lead the price to start recovery attempts that target 61.00 and might extend to 63.95 before any new attempt to decline.
Expected trading range for today is between 52.50 support and 56.50 resistance.
Expected trend for today: Bearish
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Crude oil settles at the target – Analysis - 21-12-2018
Crude oil price settles below the previously completed bearish flag’s support line, and the price reached the thresholds of our waited target at 45.46, while the EMA50 forms continuous negative pressure agains the price, to support the chances of breaking the mentioned level followed by opening the way to rally towards 40.00 areas that represent our next main station.
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