Brent oil price under the negative pressure – Analysis - 08-10-2018

Brent oil price faces clear negative pressure now to break 84.25 level and settles below it, noticing that the price surpasses the EMA50 on its way to visit the bullish channel’s support that appears on the chart.

Therefore, we expect witnessing more decline today unless breaching 84.25 level and holding above it again, and the main target is testing 81.90 level, noting that we will be waiting for a bullish rebound from the mentioned level, taking into consideration that breaking this level represents the key to extend Brent oil price losses to reach 77.90 on the near term basis.

Expected trading range for today is between 81.90 support and 84.25 resistance.

Expected trend for today: Bearish