Brent oil price records sharp decline – Analysis - 09-01-2020
Brent oil price suffered strong losses yesterday, declining from 70.74 to 65.20 areas, settling above the key support 65.40 now, in attempt to build recovery attempts to cover some losses that appeard in the previous sessions, supported by stochastic positivity, but we prefer staying aside until the price confirms its situation according to the current support followed by getting clearer signal for the next trend.
Note that the consolidation above the mentioned support will lead the price to start new bullish wave that targets 68.95 areas initially, while breaking it will press on the price to achieve more decline and visit 63.60 followed by 62.50 levels as next negative targets.
The expected trading range for today is between 63.50 support and 67.50 resistance.
The expected trend for today: Neutral
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