Brent oil price resumes the decline – Analysis - 24-09-2020

Brent oil price provided clear positive trades yesterday to surpass 42.17 level and reaches 43.00 barrier, but it bounced downwards strongly to settle below the first level, which keeps our bearish overview valid on the intraday and short term basis, waiting for more decline to surpass 41.14 level and head towards our negative targets that start at 40.00 and extend to 39.46.

Therefore, we will continue to suggest the bearish trend for the upcoming period conditioned by the price stability below 42.17 and the most important below 43.00.

The expected trading range for today is between 40.00 support and 43.00 resistance.

The expected trend for today: Bearish