Brent oil price completes positive pattern – Analysis – 14/10/2021

forex_news_neftBrent oil price decline stopped near 82.00$ barrier, and bounced upwards clearly to breach the minor bearish channel’s resistance that appears on the chart, which forms bullish flag pattern, considered as a positive motive that we expect to push the price to resume the main bullish trend, on its way to achieve positive targets that start at 84.20 followed by 85.15.

Therefore, the bullish trend will be expected for today, and consolidating above 83.15 represents the first condition to continue the suggested rise, as breaking it might press on the price to visit 81.85 areas again before determining the next destination clearly.

The expected trading range for today is between 82.00 support and 85.00 resistance.

The expected trend for today: Bullish

Origin: Economies

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