Brent oil price resumed its negative trading after the temporary bullish bias that it witnessed in the previous sessions, and by taking a deeper look at the chart, we find that the price completed forming double top pattern that supports the chances of surpassing the first correctional level at 92.74 to head towards 90.70 areas on the near-term basis.
Therefore, we are waiting for more expected decline in the upcoming sessions, and holding below 94.25 is important to continue the suggested negative scenario, as breaching it will stop the negative effect of the mentioned pattern and lead the price to start recovery attempts that target testing 96.05 areas initially.
The expected trading range for today is between 91.70 support and 94.70 resistance.
The expected trend for today: Bearish
Origin: Economies
