Brent oil price hits the target – Analysis - 02-11-2020

Brent oil price succeeded to achieve our waited target at 36.36 after the sharp decline that it witnessed by today’s open, attempting to break it to support the chances of extending the bearish wave on the short term basis, noting that the next negative station extends to 33.23.

Therefore, we will continue to suggest the bearish trend for the upcoming period, noting that the consolidation of 36.36 level against the current negative pressure will lead the price to start recovery attempts and head towards 38.77 followed by 40.23 levels initially.

The expected trading range for today is between 35.00 support and 38.00 resistance.

The expected trend for today: Bearish