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Brent oil price touches the negative target – Analysis - 16-11-2023
Brent oil price succeeded to achieve our waited negative target at 81.00 and presses negatively on it now, to support the chances of continuing the decline and head to achieve additional negative targets that we expect to reach 79.20 followed by 77.44 areas, affected by the previously completed double top pattern, which its signs appear on the chart.
The EMA50 supports the continuation of the suggested bearish wave, noting that the consolidation of 81.00 level against the current negative pressure will push the price to start recovery attempts that target testing 83.87 areas initially.
The expected trading range for today is between 79.20 support and 82.20 resistance.
The expected trend for today: Bearish
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