Brent oil price leans on the moving average – Analysis - 23-01-2019

Brent oil price broke the bullish channel’s support line, but we notice that the EMA50 protects the price from suffering more losses, as it formed solid support base that pushes the price to rise again, besides that stochastic shows positive signals on the four hours’ time frame.

Therefore, we believe that the chacnes are valid to resume the bullish bias in the upcoming sessions, noting that our first positive target is located at 63.95, while holding above 60.70 represents key condition to continue the expected rise.

Expected trading range for today is between 60.70 support and 63.70 resistance.

Expected trend for today: Bullish