Brent oil price tested 37.29 key resistance and keeps its stability below it, while stochastic begins to overlap negatively on the four hours’ time frame, which forms negative motive that we are waiting to push the price to bounce bearishly and resume the main bearish trend, and our next target is located at 32.40.
Note that the targeted level represents the support line of the rising wedge pattern that appears on chart, thus, breaking this level will add more negative pressure on the price to extend the bearish wave towards 27.09 on the short term basis, noting that holding below 37.29 level represents the first protecting factor to the continuation of the suggested negative scenario.
Expected trading range for today is between 34.00 support and 38.00 resistance.
Expected trend for today: Overall bearish
Origin: economies.com
