Brent oil price loses momentum – Analysis - 20-08-2019

Brent oil price returns to rsie calmly to crawl gradually to the critical resistance at 59.93, accompanied with stochastic lose to the positive momentum clearly and the issuance of the overbought signals, which forms a negative motive that we wait to assist to push the price to resume the main bearish trend, and its next target is located at 56.23.

Therefore, the bearish trend scenario will remain valid in the upcoming period conditioned by holding below 59.93, where breaching it will open the way towards beginning recovery attempts and achieving gains that reach to 62.92 on the near term basis.

The expected trading range for today is between 57.50 support and 60.50 resistance.

The expected trend for today: Bearish