Brent oil price achieves slight gains – Analysis – 11/02/2020

brent_1Brent oil price opened today’s trading with slight rise to move around 54.00$ barrier, while the negative effect of the previously completed bearish flag pattern still active, to support the continuation of trading inside the bearish channel that appears on the chart, waiting to resume the bearish trend that its next target located at 52.00.

Therefore, the negative scenario will remain dominant in the upcoming sessions conditioned by the price stability below 56.00.

The expected trading range for today is between 52.00 support and 55.00 resistance.

The expected trend for today: Bearish

Origin: Economies

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