Brent oil price within a negative pattern – Analysis - 16-11-2018

Brent oil price’s recent trades are confined within bearish pennant pattern that appears on the minor image, which means that breaking 66.50 will reactivate the negative effect of this pattern and press the price to resume the main bearish trend, which its next target located at 63.95.

Therefore, we will keep our bearish overview in the upcoming sessions, taking into consideration that breaching 67.20 will stop the expected decline and lead the price to achieve intraday gains that reach 70.30 before any new attempt to decline.

Expected trading range for today is between 65.00 support and 68.00 resistance.

Expected trend for today: Bearish