Brent oil price continued to rise in the previous sessions to approach 83.00 barrier, and by taking a deeper look at the chart, we find that the recent trades are confined within minor bullish channel that we believe it forms bearish flag pattern, as the price is testing this pattern’s support line now, thus, breaking the current support will activate the negative effect of the mentioned pattern and push the price to resume the correctional bearish trend, to head towards visiting 77.44 areas on the near-term basis.
Therefore, we expect to witness more decline in the upcoming sessions, supported by the negativity of the technical indicators, taking into consideration that the consolidation of 81.00 level against the current negative pressure will stop the negative scenario and lead the price to recover again.
The expected trading range for today is between 79.40 support and 82.40 resistance.
The expected trend for today: Bearish
Origin: Economies
