Price Analysis for Brent Oil
Expected Scenario
Brent oil price attempted to breach 82.45$ but ended yesterday below it, keeping the bearish trend scenario active for the upcoming period. The bearish channel supports the chances of achieving additional negative targets starting at 80.08$ and extending to 78.50$ after breaking the previous level.
The negative effect of the previously completed double top pattern remains active, supporting the chances of achieving more negative targets. Continuation of the bearish wave requires holding below 82.45$ and 83.35$ levels.
Expected Trading Range
Between 80.00$ support and 82.60$ resistance.
Trend Forecast: Bearish
Origin: Economies
