Brent oil price within sideways track – Analysis - 10-12-2018

Brent oil price traded with clear positivity on last Friday to ready the key resistance 63.95, noticing that the price moves within sideways track since the 21st of last month, confied between the mentioned resistance and 58.40 support, which makes us suggest the continuation of the bearish bias domination until the price manages to breach one of the mentioned levels and detect its next targets clearly.

Note that breaching 63.95 resistance will lead the price to start recovery attemtps on the short term basis, targeting testing 70.00 areas mainly, while breaking 58.40 support will push the price to resume the main bearish trend that its next targets located at 57.77 and extend to 56.00.

Expected trading range for today is between 60.00 support and 63.95 resistance.

Expected trend for today: Sideways