Brent oil price approaches the first negative target – Analysis - 11-08-2022

Brent oil price provided clear negative trades yesterday to approach our first waited target at 95.90, but it bounced bullishly to attack the main bearish channel’s resistance, noticing that the EMA50 forms negative pressure against the price, while stochastic loses its positive momentum clearly.

Therefore, these factors encourage us to suggest the bearish bias in the upcoming sessions, and the targets begin at 95.90 and extend to 93.00 followed by 90.45, noting that breaching 100.70 will push the price to achieve additional gains and visit 102.25 before any new attempt to decline.

The expected trading range for today is between 97.00 support and 101.50 resistance.

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The expected trend for today: Bearish