Brent oil price tests the moving average – Analysis - 17-06-2019

Brent oil price provided positive trades to test the EMA50, noticing that the price still between 50% and 61.8% Fibonacci correction levels, to keep the sideways bias dominant on the intraday basis until the price manages to confirm breaching one of the mentioned range’s lines represented by 59.93 support and 62.92 resistance.

Note that breaking the mentioned support will press on the price to visit 76.4% Fibonacci correction level at 56.23, while breaching the resistance will form strong positive motive that has positive targets that start at 65.92 and extend to 67.30.

The expected trading range for today is between 60.00 support and 63.00 resistance.

The expected trend for today: Sideways