Brent oil price touches the support – Analysis - 18-07-2019

Brent oil price traded with strong negativity on yesterday’s evening to break the bullish channel’s support line and touches the most important support to the short term trading at 62.92, noticing that the price keeps its stability above this level, accompanied by witnessing oversold signals through stochastic, which supports the chances of providing potential positive trades in the upcoming sessions, on its way to resume the main bullish trend.

Therefore, we suggest witnessing bullish bias today, and the targets begin by breaching 64.20 to open the way to visit 65.92, noting that breaking 62.92 and holding below it will stop the positive scenario and press on the price to suffer more losses on the intraday and short term basis.

The expected trading range for today is between 62.50 support and 65.50 resistance.

The expected trend for today: Bullish