Brent oil price traded with clear negativity yesterday to surpass the EMA50 and moves below the bearish channel’s resistance that appears on chart, which supports the continuation of our bearish overview efficiently for the upcoming period, opening the way to continue the decline towards the previously recorded low at 27.09, which forms the next main target of the current bearish wave.
Therefore, we will continue to suggest the bearish trend on the intraday on the intraday and short term basis conditioned by holding below 35.10 level, noting that breaching this level might push the price to test 37.29 level direct before any new attempt to decline.
Expected trading range for today is between 30.00 support and 34.50 resistance.
Expected trend for today: Bearish
Origin: Economies.com
