Brent oil price loses momentum – Analysis - 17-10-2018

Brent oil price provided positive trades yesterday to approach the EMA50 that forms good intraday resistance against the price, accompanied by stochastic reach to the overbought areas, which makes us believe that the chances are valid to rebound bearishly and resume the bearish trend in the upcoming sessions, waiting to break 80.43 level to confirm rallying towards 78.49 as a next station.

We should note that breaching 82.83 will stop the expected decline and lead the price to regain the main bullish trend again.

Expected trading range for today is between 79.50 support and 82.50 resistance.

Expected trend for today: Bearish