Brent oil price approaches the target – Analysis – 16/07/2021

neft-l4Brent oil price provided clear negative trades yesterday to approach our waited target at 72.75, forming double top pattern that supports the chances of extending the correctional bearish wave on the intraday and short term basis, noting that breaking the mentioned level will push the price to 71.20 direct.

Therefore, we expect to witness more decline in the upcoming sessions, noting that breaching 74.70 will stop the current negative pressure and lead the price to regain the main bullish trend again.

The expected trading range for today is between 71.70 support and 74.50 resistance.

The expected trend for today: Bearish

Origin: Economies

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