Brent oil price tests the resistance – Analysis - 13-07-2020
Brent oil price traded with clear positivity on last Friday to touch the recently recorded top at 43.38, noticing that the price begins to rebound bearishly from there, as it opens today negatively to support the chances of resuming the main bearish trend scenario, supported by the negative signal provided by stochastic, waiting to head towards achieving negative targets that start at 40.00 and extend to 37.86.
Therefore, we suggest witnessing more decline today, and breaking 42.40 will ease the mission of achieving the suggested targets, while holding below 43.38 represents key condition to continue the expected decline.
The expected trading range for today is between 41.00 support and 44.00 resistance.
The expected trend for today: Bearish
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