Brent oil price tested the neckline of the head and shoulders’ pattern that appears on the chart, waiting to break this level at 68.50 to confirm rallying for more bearish correction on the intraday basis, as our next target is located at 66.90.
Therefore, we expect the continuation of the bearish trend domination in the upcoming sessions unless the price managed to breach 70.08 level and hold above it, noting that breaching this level will push the price to achieve positive targets that reach 72.35 mainly.
Expected trading range for today is between 67.14 support and 70.08 resistance.
Expected trend for today: Bearish