Brent Oil completes the negative formation – Analysis - 10/02/2016

Brent oil price confirmed completing the completion of the double top pattern after getting a daily close below the neckline broken yesterday at 32.23, and as we mentioned in our last technical update, the way is open to head towards our main waited target at 27.09, especially after the price returned to trade inside the short term bearish channel that appears on chart.

The EMA50 continues to push negatively on the price, which reinforces the expectations of declining in the upcoming period, noting that holding below 33.55 level represents the first condition to continue the expected bearish wave.

Expected trading range for today is between 29.00 support and 33.00 resistance.

Expected trend for today: Bearish