Brent oil price broke the minor support line that appears on image clearly, which puts the price under negative pressure that targets testing the key support areas located between 37.29 and 36.10, noting that the last level represents the previously breached resistance of the main bearish channel that appears on chart, which means the breaking this level will push the price to trade inside this channel again, followed by resuming the main bearish trend after the correctional rise that appeared recently.
Now, we expect witnessing more bearish bias in the upcoming sessions, being aware that it is important to monitor the price behavior according to the above mentioned support levels, due to its importance to detect the next destination on the short term and medium term basis, taking into consideration that breaching 39.70 level will stop the current negative pressure and lead the price to attempt to target 43.60 areas again.
Expected trading range for today is between 36.10 support and 40.00 resistance.
Expected trend for today: Bearish
Origin: Economies
