Brent oil price under the negative pressure – Analysis - 19-07-2019

Brent oil price broke 62.92 level strongly and declined to 61.00 areas yesterday, which puts the price under the expected negative pressure in the upcoming period, as the next negative target is located at 59.93.

The price is retesting 62.92 level that was broken previously, noting that holding below this level will keep the bearish trend scenario active for the upcoming period, as breaching it will push the price to regain the bullish trend and achieve positive targets that start at 64.50 and extend to 65.92.

The expected trading range for today is between 61.00 support and 64.00 resistance.

The expected trend for today: Bearish