Brent oil price exits the channel – Analysis - 18-01-2021
Economies.com
2021-01-18 04:58AM UTC
Brent oil price continued its negative pressure to complete forming head and shoulders’ pattern that its signs appear on the chart, showing more decline by today’s open to break the main bullish channel’s support line and settles below it, which opens the way to start correctional bearish wave for the entire rise that start from 35.70 areas, targeting visiting 52.20 as a first negative target.
Therefore, we expect witnessing more decline in the upcoming sessions unless breaching 55.40 level and holding above it.
The expected trading range for today is between 53.00 support and 55.40 resistance.
The expected trend for today: Bearish
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