Brent oil price gets a negative signal – Analysis - 14-12-2018

Brent oil price provided positive trades yesterday to test 62.00 barrier, but it begins today with bearish bias, affected by stochastic negativity, and it might head towards 58.40 areas in the upcoming sessions.

Until now, the sideways range still dominating the intraday trades between 58.40 support and 63.95 resistance, noting that breaching one of these levels will detect the next destination clearly.

We remind you that breaking the mentioned support will push the price to achieve additional negative targets that begin at 57.77 and extend to 56.00, while breaching the resistance represents the key to start recovery attempts that target 70.00 areas initially.

Expected trading range for today is between 59.00 support and 63.00 resistance.

Expected trend for today: Sideways