Brent oil price loses momentum – Analysis - 24-01-2020

Brent oil price fluctuates around 61.60 level now, as the price provided positive trades after approaching 60.00$ barrier, noticing that stochastic approaches the overbought areas, to form negative motive that we expect to assist to push the price to resume the negative trades in the upcoming sessions.

Therefore, our overall bearish overview will remain valid, supported by the negative pressure formed by the EMA50, waiting to visit 59.60 level as a next main target, reminding you that it is important to hold below 62.50 to continue the expected decline.

The expected trading range for today is between 59.60 support and 62.50 resistance.

The expected trend for today: Bearish