Brent oil price presses on the support – Analysis - 16-10-2018
Economies.com
2018-10-16 04:21AM UTC
Brent oil price attempted to break 80.43 level but it could not manage to hold below it, noticing that the EMA50 keeps pressing negatively on the price, to continue suggesting the domination of the correctional bearish trend on the intraday basis, which its next target located at 78.49.
On the other hand, we should note that breaching 82.83 will release the price from the current negative pressure and lead the price to resume the main bullish trend again.
Expected trading range for today is between 79.00 support and 82.30 resistance.
Expected trend for today: Bearish
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