Brent oil price approaches from testing the key resistance 37.29 again, and by taking a deeper look at the chart, we notice that the recent trading is confined inside a potential rising wedge pattern, which means that the chances will be valid to resume the main bearish trend, and the price needs to break 32.20 level to activate the negative effect of this pattern.
Stochastic shows clear overbought signals now, which forms negative factor that we are waiting to motivate the price to rebound bearishly from the current levels and resume the negative attempts, therefore, these factors encourage us to suggest the bearish bias in the upcoming sessions, and the price needs to break 34.65 level to ease the mission of achieving the bearish wave targets that mainly reach to 27.09, noting that breaching 37.29 level will cancel the suggested negative formation and push the price to test the bearish channel’s resistance at 39.60 direct.
Expected trading range for today is between 33.00 support and 38.00 resistance.
Expected trend for today: Overall bearish
Origin: Economies.com
