Brent oil price traded with strong negativity yesterday to surpass our first waited target at 105.05, while on the other hand, the price completed forming the head and shoulders’ pattern that appears on the chart, to confirm extending the bearish wave on the intraday and short term basis, which its targets extend to reach 88.80 areas.
Therefore, we expect to witness more decline in the upcoming period conditioned by the price stability below 105.05, noting that breaking 98.85 will ease the mission of achieving the waited negative targets.
The expected trading range for today is between 97.00 support and 104.00 resistance.
The expected trend for today: Bearish
Origin: Economies
