Brent oil price activates the negative scenario – Analysis - 10-07-2020

Brent oil price managed to break the intraday bullish trend line and settled below it, starting today with new bearish bias to support the chances of continuing the bearish trend in the upcoming sessions, on its way to test 40.00$ barrier initially, noting that surpassing this level will push the price to 37.86 as a next station.

Therefore, we suggest the domination of the bearish trend on the upcoming trading, noting that breaching 42.60 will stop the suggested decline and leads the price to start recovery attempts and regain the main bullish trend again.

The expected trading range for today is between 40.00 support and 43.30 resistance.

The expected trend for today: Bearish