Brent oil price still sideways – Analysis - 18-06-2019

Brent oil price tests the key support 59.93, which represents the sideways range’s support line that appears on the chart, as the price falls under the negative pressure formed by the EMA50, but we notice that stochastic shows positive signals that protect the mentioned support.

Therefore, the sideways bias will remain dominant on the intraday trades until the price manages to surpass one of the mentioned range’s lines represented by 59.93 support and 62.92 resistance, noting that breaking this support will press on the price to suffer additional losses that reach 56.23 on the near term basis, while breaching the resistance will lead the price to achieve gains that start at 65.92.

The expected trading range for today is between 58.50 support and 62.00 resistance.

The expected trend for today: Sideways