Brent oil price hits the extended target – Analysis - 17-11-2023

Brent oil price traded with strong negativity yesterday to succeed achieving our extended target at 77.44 and settles there, and the negative effect of the double top pattern still active, to support the chances of surpassing the mentioned level to head towards achieving additional negative targets that reach 74.65 as a next main station.

The EMA50 presses negatively on the price to reinforce the expectations of continuing the bearish trend in the upcoming sessions, noting that the consolidation of 77.44 level against the current negative pressure will stop the expected decline and lead the price to build intraday bullish wave that targets visiting 81.00 areas mainly.

The expected trading range for today is between 76.20 support and 79.30 resistance.

The expected trend for today: Bearish