Brent oil price tests the neckline – Analysis - 13-02-2019

Brent oil price leaned on the intraday bullish channel’s support line that appears on the chart to trade with clear positivity yesterday, noticing that the price test the neckline of the inverted head and shoulders’ pattern that appears on the chart, located at 63.10, which supports the chances of turning back to resume the short term bullish trend, noting that confirming breaching the mentioned level will push the price to head towards 68.00 followed by 72.65 levels on the short term basis.

Therefore, the bullish trend will be suggested for the upcoming period unless breaking 61.85 followed by 61.10 levels and holding below them.

The expected trading range for today is between 61.85 support and 65.00 resistance.

The expected trend for today: Bullish