Brent oil price hits the target – Analysis - 24-10-2018

Brent oil price succeeded to achieve our second waited target at 76.56 and settles there now, noticing that the price closed the daily candlestick below it, which opens the way to extend the bearish wave on the short term basis, organized inside the bearish channel that appears on the chart.

Therefore, we will be waiting for more decline in the upcoming period unless breaching 78.49 level and holding above it, noting that our next target reaches 75.00.

Expected trading range for today is between 75.00 support and 78.49 resistance.

Expected trend for today: Bearish