Brent oil price confirmed breaking the critical support at 44.15 after closing the daily candlestick below it, followed by breaking 43.60 level, to complete forming the head and shoulders pattern that appears in the above chart, which has negative targets that surpass the bullish channel’s support to reach 40.00.
Therefore, the bearish trend will be preferred in the upcoming sessions supported by the negative pressure that formed by the EMA50 now, being aware that breaching 44.15 level and holding above it will stop the negative expectations and leads the price to attempt to regain the main bullish trend.
Expected trading range for today is between 41.00 support and 45.25 resistance.
Expected trend for today: Bearish
Origin: Economies
