Brent oil price completes the negative pattern – Analysis - 02-12-2020

Brent oil price succeeded to break 47.30 level and hold below it, to complete forming the double top pattern and activates its negative effect that supports the expectations of starting correctional bearish wave, reminding you that the first negative target is located at 45.88.

Therefore, the bearish bias will remain suggested in the upcoming sessions, noting that surpassing the mentioned target will push the price to 43.94 as a next correctional station, while the expected decline will remain valid unless breaching 47.30 followed by 48.10 levels and holding above them.

The expected trading range for today is between 45.50 support and 48.10 resistance.

The expected trend for today: Bearish