Brent oil price breaches the resistance – Analysis - 14-08-2019

Brent oil price rallied upwards strongly yesterday to breach 59.93 level and settles above it, to stop the recently suggested negative scenario, but we notice that the price begins today negatively, affected by stochastic negativity, to hint the price head to return to the bearish track again.

Now, we prefer staying aside until we get clearer signal for the next trend, especially that there’s contradiction between the EMA50 positivity and stochastic negativity, to monitor the price behavior according to 59.93 level, noting that breaking this level and trading below it again will reactivate the bearish trend scenario that its next target located at 56.23, while holding above it will lead the price to achieve additional gains that reach 62.92.

The expected trading range for today is between 58.50 support and 62.00 resistance.

The expected trend for today: Neutral