Brent oil price tests the support – Analysis - 08-01-2019

Brent oil price tested 56.91 level and still above it until now, accompanied by stochastic approach to the oversold areas, while the EMA50 keeps supporting the price from below.

Therefore, these factors encourage us to continue suggesting the bullish trend, affected by the previously completed double bottom pattern, waiting to target 61.20 followed by 63.95 levels as next main stations, noting that the continuation of the expected rise conditions the price stability above 56.91 and the most important above 55.55.

Expected trading range for today is between 56.50 support and 59.50 resistance.

Expected trend for today: Bullish