Brent oil price breaks the support – Analysis - 11-10-2018

Brent oil price begins today’s trading with strong decline to attack the bullish channel’s support line and breaks it to settle below it now, noticing that the price completed forming double top pattern that appears on the chart, reinforcing the chances of extending the bearish wave on the intraday basis, as the full target of this pattern meets the main bullish channel’s support line at 78.25.

Therefore, the bearish trend will be suggested in the upcoming sessions, taking into consideration that breaching 82.65 will stop the current negative pressure and push the price back to the intraday bullish channel.

Expected trading range for today is between 79.50 support and 82.65 resistance.

Expected trend for today: Bearish