Brent oil price succeeded to achieve our waited target at 105.05 and found solid support there, to fluctuate around the resistance formed at the previously broken bullish trend line, while we notice from the chart that the price completed forming head and shoulders’ pattern that supports the chances of breaking the mentioned level and head towards achieving more expected decline in the upcoming period.
Therefore, the bearish bias will be suggested on the intraday basis, and the next target extends to 98.85, noting that the continuation of the bearish wave depends on the price stability below 110.05.
The expected trading range for today is between 103.00 support and 109.00 resistance.
The expected trend for today: Bearish
Origin: Economies
