Brent oil price keeps its negative stability – Analysis - 23-09-2020

Brent oil price bounced bearishly after 42.17 level formed solid barrier against the price’s recent positive attempts, as the EMA50 meets this level to add more strength to it, to keep the bearish trend scenario valid and active in the upcoming sessions, waiting to test 41.14, which breaking it represents the key to head towards 40.00 followed by 39.46 levels as next negative stations.

Holding below 42.17 is important to continue the expected decline, as breaching it will lead the price to achieve intraday gains and test areas that reach 43.84 before any new negative attempt.

The expected trading range for today is between 40.00 support and 43.00 resistance.

The expected trend for today: Bearish