Brent oil price confirms the break – Analysis - 18-10-2018

Brent oil price confirmed breaking 80.43 level after closing the daily candlestick below it, reinforcing the chances of continuing the bearish trend on the intraday basis, and the way is open to achieve our next main target at 78.49, supported by the negative pressure provided by the EMA50.

Holding below 80.43 represents the first condition to continue the expected decline, as breaching it will stop the current negative pressure and lead the price to test 82.83 areas before determining its next destination on the short term basis.

Expected trading range for today is between 78.49 support and 81.50 resistance.

Expected trend for today: Bearish