Brent oil price provided temporary positive trades on last Friday, but it begins today with new decline to settle below 50% Fibonacci correction level that forms key resistance at 110.07, which puts the price under more correctional bearish pressure in the upcoming sessions, on its way to test 105.05 as a next station.
On the other hand, we notice that the price forms head and shoulders’ pattern that its signs appear on the chart, which means that breaking 105.05 followed by 104.40 levels will put the price under additional negative pressure that its targets reach 88.80 on the near term basis.
Therefore, we expect the continuation of the bearish trend domination unless breaching 110.10 and holding above it.
The expected trading range for today is between 103.00 support and 110.00 resistance.
The expected trend for today: Bearish
Origin: Economies
