Brent oil price loses momentum – Analysis - 15-10-2018

Brent oil price shows positive trades to move above 81.00 barrier, but its still below the key resistance 82.83, to keep the negative pressure valid until now, supported by the EMA50, accompanied by stochastic loss to the positive momentum and apopraching the overbought areas.

Therefore, we will continue to suggest the bearish trend in the upcoming sessions unless breaching 82.83 level and holding above it, reminding you that our next main target is located at 78.50.

Expected trading range for today is between 79.50 support and 82.83 resistance.

Expected trend for today: Bearish