Brent Oil Price Analysis
Expected Scenario
Brent oil price faced strong negative pressure yesterday to confirm breaking 87.67$ level and return to the correctional bearish track again, to head towards visiting 84.77$ as a first station, noting that breaking this level will extend the bearish wave to reach 82.40$ as a next negative target.
Therefore, we expect to witness more decline today, supported by the negative pressure formed by the EMA50, noting that breaching 87.67$ will stop the current negative pressure and lead the price to attempt to regain the main bullish trend again.
Expected Trading Range
Between 84.60$ support and 87.70$ resistance
Trend Forecast: Bearish
Origin: Economies
