Brent oil price traded with clear negativity yesterday to reach the first main waited target at 37.29, which represents the previously breached 23.6% Fibonacci level, to turn into key support base now, as breaking this level represents the key to extend the bearish wave to reach 36.15.
The EMA50 forms continuous negative pressure against the intraday trading, which encourages us to suggest more decline in the upcoming period, noting that breaking 36.15 level will put the price back to the main bearish channel, followed by opening the way to visit the previously recorded low at 27.09 as a next main station, while the expected bearish trend will remain valid unless breaching 39.80 level and holding above it.
Expected trading range for today is between 35.00 support and 39.00 resistance.
Expected trend for today: Bearish
Origin: Economies
