Commodities

Midday update for Brent oil 16-08-2019

2019-08-16 10:34:27 GMT (Economies.com)

Brent oil price continues to rise to approach gradually from the broken support of the minor bullish channel, met by the EMA50 to add more strength to the resistance area formed by this level, while stochastic continues to lose the positive momentum.

 

Therefore, these factors encourage us to keep our overall bearish trend expectations, targeting 56.23 first, while achieving it requires holding below 59.93.

 

The expected trading range for today is between 57.00 support and 59.50 resistance.

 

The expected trend for today: Bearish

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