Brent oil price records historical rise – Analysis - 16-09-2019

Brent oil price began the week trading with a strong bullish gap and a rise that approached from 20%  after the Aramco assaults, recording 67.50 level as the highest price for today, while it provides negative trading that puts the price below 65.92 now, showing signals for the price head towards providing more of the bearish bias in the upcoming sessions, in its way to visit 62.92 level initially.

Therefore, we expect the domination of the bearish bias for today, and breaking 62.92 will push the price to 59.93 on the near term basis, while the expected decline will remain valid unless breaching 65.92 level and holding with a daily close above it.

The expected trading range for today is between 62.92 support and 66.50 resistance.

The expected trend for today: Bearish