Brent oil price keeps declining – Analysis - 05-08-2022

Brent oil price traded with strong negativity yesterday to reach 96.90 areas, reinforcing the expectations of continuing the bearish trend on the intraday and short term basis, organized inside the bearish channel that supports the chances of achieving our negative targets that start at 95.90 and extend to go further towards 90.45.

Therefore, we are waiting for more expected decline in the upcoming period supported by the negative pressure formed by the EMA50, taking into consideration that breaching 99.00 might push the price to achieve intraday gains and test 102.25 areas before any new attempt to decline.

The expected trading range for today is between 95.00 support and 99.20 resistance.

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The expected trend for today: Bearish