Brent oil breaks the support – Analysis - 09-08-2018

Brent oil price faced strong negative pressure yesterday affected by the negative Chinese data and the tensions between China and the USA, to break 74.00 level and touc 72.00 direct, to move inside the bearish channel again and hint heading to achieve more decline in the upcoming period.

Therefore, the bearish trend will be expected in the upcoming period unless the price rallied to breach 74.00 level and hold above it again, noting that breaking 72.00 will push the price to head towards 70.00 direct.

Expected trading range for today is between 70.50 support and 74.00 resistance.

Expected trend for today: Bearish