The tight range continues to dominate Brent oil price trading, which keeps fluctuating around 37.29 level, as it keeps its stability below this level, to keep the chances valid to resume the main bearish track, reminding you that the current trading is confined inside a rising wedge pattern that has a negative setup, which reinforces the expectations of continuing the decline in general.
The price needs to break 36.00 level to get negative motive to lead trading to test the mentioned wedge’s support located at 32.70, which breaking it represents the key to rally towards the current bearish wave target at 27.09, taking into consideration that breaching 37.29 level will push the price to test the main bearish channel’s resistance around 39.25 before any new attempt to decline.
Expected trading range for today is between 34.00 support and 39.00 resistance.
Expected trend for today: Overall bearish
Origin: Economies
