Brent oil price surpasses the first target – Analysis - 23-01-2020

Brent oil price succeeded to achieve our first waited target at 62.50 and surpassed it to settle with a daily close below it, which supports the expectations of extending the bearish wave on the short term basis, and the way is open to head towards 59.60 that represents our next main target.

Therefore, we are waiting for more decline in the upcoming sessions conditioned by the price stability below 62.50.

The expected trading range for today is between 61.00 support and 62.50 resistance.

The expected trend for today: Bearish