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Brent oil completes a negative pattern – Analysis - 18-07-2018
Brent oil price closed the daily candlestick below 72.00 level to confirm breaking this level, and by taking a deeper look at the chart, we find that the price completed forming a double top pattern that has negative targets that reach 63.50, which puts the price under expected negative pressure in the upcoming period, supported by the EMA50.
Therefore, the bearish trend will remain suggested on the intraday and short term basis unless breaching 72.45 followed by 74.00 levels and holding above them, noting that the initial targets begin at 70.00 followed by 67.50.
Expected trading range for today is between 70.00 support and 73.00 resistance.
Expected trend for today: Bearish
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Crude oil breaks the support – Analysis - 18-07-2018
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