Brent oil price faces strong negative pressure – Analysis - 28-10-2021

Brent oil price ended yesterday negatively to break the bullish channel’s support line and close the daily candlestick below it, starting today with strong additional decline that confirms the beginning of bearish correction for the rise measured from 64.60 to 85.80, as it approaches the first correctional level at 80.80, noting that surpassing this level will open the way to visit the next correctional level that reaches 77.70.

Therefore, we expect to witness more decline in the upcoming sessions unless the price rallied to breach 82.70 followed by 83.75 levels and holding above them.

The expected trading range for today is between 80.00 support and 83.50 resistance.

The expected trend for today: Bearish