Brent oil price within negative pattern – Analysis - 08-08-2022
Economies.com
2022-08-08 03:51AM UTC
Brent oil price’s recent trades are confined within bearish flag pattern, and the price needs to break 97.15 to activate the negative effect of this pattern followed by rallying to achieve our negative targets that start at 95.90 and extend to 90.45.
The bearish channel continues to organize the expected bearish wave, which gets continuous support by the EMA50, noting that breaching 100.95 followed by 102.25 levels will stop the expected decline and lead the price to turn to rise.
The expected trading range for today is between 95.00 support and 99.50 resistance.
The expected trend for today: Bearish
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