Brent oil price tests the support base – Analysis - 14-09-2018

Brent oil price continued its decline to test the key support base that declines now to 78.10 and kept its stability above it, to start providing bullish rebound signals now, supported by the positive overlapping signal provided by stochastic on the four hours’ time frame, waiting to head towards 80.48 that represents our next main target.

Therefore, the bullish trend will remain expected in the upcoming period, supported by the EMA50 that keeps carrying the price from below, reminding you that breaching 80.48 will push the price towards 82.93 as a next station, while breaking 78.10 will push the price to visit 76.47 level before any new attempt to rise.

Expected trading range for today is between 77.00 support and 80.48 resistance.

Expected trend for today: Bullish