Brent oil price resumes the decline – Analysis – 12/10/2018

neft-l4Brent oil price traded with strong negativity yesterday to test 80.00 barrier, as the price is affected by the double top pattern, which supports the chances of extending the bearish wave to visit the bullish channel’ support that appears on the chart, located at 78.25.

Therefore, we expect the continuation of the bearish trend domination on the upcoming trading unless the price rallied to breach 82.65 and hold with a daily close above it.

Expected trading range for today is between 79.00 support and 82.00 resistance.

Expected trend for today: Bearish

Brent oil price resumes the decline – Analysis - 12-10-2018

Origin: Economies

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