Brent oil price tests the channel’s support – Analysis - 21-09-2018

Brent oil price provided negative trades yesterday to test the intraday bullish channel’s support line that appears on the chart, noticing that the EMA50 provides the positive support to the price to protect trading inside this channel, while stochastic managed to gather the positive momentum on the four hours’ time frame.

Therefore, we believe that the chances are valid to rebound bullishly and resume the main bullish trend that targets 80.48 followed by 82.90 levels on the near term basis, while holding above 77.90 represents key condition to continue the expected rise.

Expected trading range for today is between 77.50 support and 80.50 resistance.

Expected trend for today: Bullish