Brent oil price heads towards the support – Analysis - 11-12-2018

Brent oil price shows clear negative trades since yesterday to test 60.00$ barrier now, and the chances seem valid to visit 58.40 in the upcoming sessions, which represents the sideways range’s support line that dominates the recent trades, and as long as the price is between this support and 63.95 resistance, the sideways bias will remain suggested until the price manages to surpass one of these levels.

We remind you that breaking the mentioned support will put the price under more negative pressure on the short term basis to head towards 57.77 followed by 56.00 areas as next main stations, while breaching the resistance will lead the price to achieve gains that reach 70.00 on the near term basis.

Expected trading range for today is between 58.00 support and 61.50 resistance.

Expected trend for today: Sideways