Brent oil price tests the moving average – Analysis - 20-03-2019

Brent oil price fluctuates near the EMA50 and keeps its stability above it, noticing that stochastic begins to overlap positively now, waiting to motivate the price to resume the expected bullish trend on the intraday and short term basis, which targets 72.65 level as a next main station.

Therefore, our bullish overview will remain active for today, taking into consideration that breaking 67.00 will put the price under negative pressure that targets testing 66.00 level and might extend to 63.95 before any new attempt to rise.

The expected trading range for today is between 66.50 support and 69.50 resistance.

The expected trend for today: Bullish