Brent oil price broke 77.05$ level clearly and declined strongly to reach the thresholds of 75.66$ level, and by taking a deeper look at the chart, we find that the price completes forming head and shoulders’ pattern that its confirmation line located at 76.00$, which means that breaking this level will put the price under additional negative pressure that we expect to push the price to suffer new losses that start by visiting 74.00$ areas and extend to 72.50$.
Therefore, we expect the domination of the bearish trend on the upcoming trades, taking into consideration that breaching 77.05$ will stop the current bearish wave and lead the price to start recovery attempts on the intraday basis.
The expected trading range for today is between 74.50$ support and 77.50$ resistance.
Trend forecast: Bearish
Origin: Economies
