Midday update for Brent oil 20-05-2019

Brent oil price found solid resistance at the intraday bullish channel’s resistance, to show some bearish bias now, and we expect testing the key support 71.70 before turning back to rise again.

In general, the bullish trend scenario will remain valid for today conditioned by the price stability above the mentioned support, as breaking it will press on the price to achieve more decline and test 70.40 areas and might extend to 69.60, while the price needs to breach 73.20 to ease the mission of continuing the bullish trend that its next main target located at 75.60.

The expected trading range for today is between 71.70 support and 75.00 resistance.

The expected trend for today: Bullish