Brent oil price declines calmly – Analysis - 17-12-2018

Brent oil price settles below the EMA50, hinting the price head towards 58.40 level in the upcoming sessions, which represents the sideways range’s support line that confines the recent trades, reminding you that the sideways bias still dominant until the price manages to break the mentioned support or breaching 63.95 resistance.

Breaking 58.40 support will put the price under more negative pressure on the short term basis to rally towards 57.77 followed by 56.00 areas as next negative targets, while breaching 63.95 will motivate the price to start recovery attempts that target testing 70.00 areas on the near term basis.

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

Expected trend for today: Sideways