Brent oil price hovers around the broken neckline of the double top pattern that appears on the chart, and as we mentioned in our last technical update, we expect to face negative pressure in the upcoming sessions, its targets begin by surpassing 78.80$ to open the way to rally towards 77.00$ as a next negative station.
Therefore, the bearish trend will be expected on the intraday and short-term basis, supported by moving below the EMA50, taking into consideration that breaching 80.65$ will stop the expected decline and push the price to start new bullish wave that targets 82.15$ areas initially.
The expected trading range for today is between 78.00$ support and 81.00$ resistance.
Trend forecast: Bearish
Origin: Economies
