Brent oil price awaits confirmation signal – Analysis - 14-06-2019

Brent oil price fluctuates between 61.8% and 50% Fibonacci levels as appears on the chart, as the price moves within sideways track between 59.93 support and 62.92 resistance, and it needs to breach one of these levels to detect its next targets clearly.

Therefore, we expect witnessing more sideways trading on the intraday basis, noting that breaking the above mentioned support will push the price to target the next correctional level at 56.23, while breaching the resistance will lead the price to achieve gains that start at 65.92 and extend to 69.62 after surpassing the previous level.

The expected trading range for today is between 59.00 support and 63.00 resistance.

The expected trend for today: Sideways