Brent oil price surpasses the first target – Analysis - 19-09-2019

Brent oil price managed to touch our waited target at 62.92, pressing negatively on it to move below it now, which supports the continuation of the bearish trend in the upcoming period, paving the way to extend the bearish wave to reach 59.93 as a next main station.

Therefore, the bearish trend will remain valid and suggested on the intraday and short term basis, noting that breaching 64.30 will lead the price to achieve intraday agins and test 65.92 level before any new negative attempt.

The expected trading range for today is between 61.00 support and 64.00 resistance.

The expected trend for today: Bearish