Brent oil price declined strongly to confirm breaking 80.65$ and reach the thresholds of 78.80$ level, and it might face additional negative pressures especially after completing forming double top pattern that appears on the chart, noting that breaking the last level will push the price towards 77.00$ areas on the near-term basis, while the decline will remain dominant unless the price managed to breach 80.65$ and hold above it again.

Crude oil price broke 76.86$ level strongly and attempts to hold below it, noticing that the price completed forming double top pattern that we expect to push the price to suffer more losses in the upcoming sessions, targeting visiting 75.00$ as a next negative target.

Therefore, the bearish bias will be expected for the rest of the day unless the price managed to breach 76.86$ and hold above it again.

Brent oil price trades with strong negativity to attack 80.65$ level and attempts to break it, which forces us to stay neutral temporarily until the price confirms its situation according to this level, as confirming the break will put the price under additional negative pressure that targets 78.80$ areas as a next main station, while consolidating above it will push the price to recover again and visit 82.15$ initially.

The expected trading range for today is between 79.50$ support and 82.00$ resistance.

Trend forecast: Neutral

Crude oil price faces new negative pressure to test the key support 76.86$, which urges caution from the upcoming trading, as continuing the decline and breaking this level will stop the expected positive scenario for today and push the price to turn to decline, to start bearish wave that targets 75.00$ areas mainly.

The price needs to trade above 77.65$ to reinforce the chances of reviving the bullish trend scenario that its targets begin by breaching 78.35$ to open the way to head towards 79.84$.

The expected trading range for today is between 76.50$ support and 79.50$ resistance

Trend forecast: Bullish