Price Analysis: Brent Oil
Expected Scenario
Brent oil price surpassed our awaited target at 80.08$ strongly and continued to decline, reaching the 78.00$ barrier now. We expect the continuation of the decline within the bearish channel that appears on the chart to visit 77.18$ as the next negative station. Note that breaking this level will push the price towards 76.25$ directly.
Therefore, the bearish trend will remain dominant in the upcoming sessions. Failing to break 77.18$ will lead the price to attempt to build a bullish wave and achieve gains that start by visiting 80.08$ areas.
Expected Trading Range
Between 76.25$ support and 79.30$ resistance.
Trend Forecast: Bearish
Origin: Economies
