Midday update for Brent oil 22-01-2019

Brent oil price continues to fluctuate at the bullish channel’s support line, which us met by the breached neckline of the inverted head and shoulders’ pattern, accompanied by witnessing clear oversold signals through stochastic, which supports the chances of bouncing bullishly to continue the bullish trend on the intraday and short term basis, which its targets begin by breaching 63.95 to open the way to head towards 67.50 followed by 72.65 levels, while the price needs to hold above 61.70 and 60.90 levels to guarantee the continuation of the suggested positive scenario.

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

Expected trend for today: Bullish