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Brent oil price awaits more decline – Analysis – 08/09/2020

brent_1

Brent oil price shows weak trades since yesterday, and by taking a deeper look at the chart, we find that the recent trades are confined within bearish flag pattern, which means that breaking 41.95 will provide good negative motive that supports the expectations of continuing the bearish trend in the upcoming sessions, which its next target located at 40.80.

Therefore, we will continue to suggest the bearish trend on the intraday basis, taking into consideration that breaching 42.60 followed by 43.60 levels will stop the expected decline and leads the price to attempt to regain the main bullish trend.

The expected trading range for today is between 41.00 support and 43.00 resistance.

The expected trend for today: Bearish

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