Brent oil price tests the resistance – Analysis - 29-01-2020

Brent oil price tests the key resistance 59.60 now, accompanied by witnessing clear overbought signals through stochastic, waiting to motivate the price to rebound bearishly to resume the expected bearish trend on the intraday and short term basis, which depends on the price stability below the mentioned resistance, noting that our next main target is located at 56.00.

On the other hand, it is important to note that breaching 59.60 and holding above it will stop the expected decline and push the price to start recovery attempts and regain the main bullish trend.

The expected trading range for today is between 57.50 support and 60.50 resistance.

The expected trend for today: Bearish