Brent oil price under the negative pressure – Analysis - 15-08-2022
Economies.com
2022-08-15 04:11AM UTC
Brent oil price found solid resistance at 102.25, to rebound bearishly and break the intraday bullish channel’s support line that appears on the chart and settles below it now, which pushes the price to resume the main bearish trend, paving the way to achieve negative targets that start at 97.70 and extend to 96.00.
Therefore, we expect to witness more decline in the upcoming sessions, taking into consideration that breaching 100.55 will stop the current negative pressure and lead the price to test 102.25 areas initially.
The expected trading range for today is between 97.00 support and 101.00 resistance.
The expected trend for today: Bearish
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