Brent Oil breaks the support – Analysis - 07-12-2017

Brent oil price broke 62.35 level strongly and headed towards 60.95 direct, hinting the price head to achieve more decline in the upcoming sessions, targeting testing the main bullish channel's support that meets 50% Fibonacci correction level at 59.81.

Therefore, we expect witnessing negative trading today, and breaking 60.95 will confirm extending the bearish wave towards our next target, while breaching 62.35 represents positive key that will stop the expected negative pressure and lead the price to regain its main bullish track again.

Expected trading range for today is between 59.80 support and 63.00 resistance.

Expected trend for today: Bearish