Brent oil price bounced bullishly after touching our waited target at 37.29, which represents the previously breached 23.6% Fibonacci level of the bearish wave measured from 70.31 to 27.09, noticing that stochastic lost its positive momentum clearly to show overbought signals, while the EMA50 forms negative pressure on the price.
Therefore, we believe that the negative pressure will dominate the upcoming trading, and the targets begin by surpassing 37.29 barrier to open the way to retest the previously breached resistance of the main bearish channel that turns into support now at 35.85, noting that breaching 39.90 will stop the negative scenario and lead the price to achieve more gains that its next targets reach to 43.60.
Expected trading range for today is between 36.00 support and 40.00 resistance.
Expected trend for today: Bearish
Origin: Economies
