Brent oil price achieves additional negative targets – Analysis - 29-11-2021

Brent oil price broke 75.20 level strongly to decline strongly and reach 71.00$ barrier, and returns to attempt to recover but it settles below the resistance line formed below 75.20, which makes us suggest resuming the negative trades to target 72.70 followed by 69.60 levels as next main targets.

Therefore, the bearish trend will remain expected for the upcoming sessions supported by the negative pressure formed by the EMA50, noting that breaching 75.20 is considered as the first positive key to attempt to stop the current negative pressure.

The expected trading range for today is between 72.50 support and 76.00 resistance.

The expected trend for today: Bearish