Brent oil price started today with very sharp decline to lose 30% of its value and settles near 32.00$ barrier now, as OPEN failed to get an agreement to decrease production, which puts the price under more expected negative pressure in the upcoming period, on its way to visit the historical low at 27.09.
Therefore, we suggest the continuation of the decline, especially that there’s a double top pattern completed after breaking 49.87 level as appears on the chart, noting that the price bullish rebound and breaching 33.50 might push the price to attempt to cover the gap and visit areas that might start at 41.17 and might extend to 45.60 before any new attempt to decline.
The expected trading range for today is between 30.00 support and 33.50 resistance.
The expected trend for today: Bearish
Origin: Economies
