Brent oil price continued to decline yesterday to break the key support 82.50 and turns to decline, as it touched 80.80 level that represents 23.6% Fibonacci correction level for the rise that started from 64.60 areas, which hints heading to achieve more bearish correction in the upcoming period, especially after completing forming the double top pattern that appears on the chart.
Therefore, the bearish bias will be suggested in the upcoming period, and the targets begin at 79.50 and extend to 77.70, while breaching 81.50 represents positive factor that will lead the price to attempt to return to the main bullish track again.
The expected trading range for today is between 79.30 support and 82.50 resistance.
The expected trend for today: Bearish
Origin: Economies
