UK BRENT OIL
New forecast
The price of Brent crude futures traded with strong negativity yesterday, succeeding stably without support at 86.93. We note that the price broke this level and closed the daily candle below it, heading towards achieving a further decline, with its next target reaching 85.14 level, by breaching this level will open the door against our targets at first will reach to 84.50 level ,it will extend to 83.80 .
Therefore, the downward trend scenario will remain valid during the coming period, supported by the negative pressure formed by the moving average 50, taking into account that stabilized above 86.93 will lead the price to begin recovery attempts and achieve gains and postponed the bearish waves.
The expected trading range for today is between support 83.80 and resistance 86.93 .
Be careful because of the war between Palestine and Israel, we may witness unexpected movements .
support line : 85.14 ,83.50
resistance line : 86.93 , 88.36
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