Brent oil price awaits more decline – Analysis - 13-10-2021

Brent oil price provided negative trades yesterday and approached 82.15 level, which is considered as key support to the intraday trades, as breaking it represents the key to rally towards our waited negative targets, which start at 80.85 and extend to 79.25.

Until now, we will continue to suggest the bearish trend for the upcoming period as long as 83.55 level remains intact, as breaching this level will lead the price to resume the main bullish trend that its targets begin by attacking 84.20 level followed by rallying to achieve new gains on the short term and medium term basis.

The expected trading range for today is between 81.20 support and 84.00 resistance.

The expected trend for today: Bearish