Brent oil price trading settled at the retest level of the previously broken minor support that turns into resistance now at 40.05, accompanied by the issuance of clear overbought signals come from stochastic, which keeps the chances valid for bouncing lower and resuming the bearish bias that targets testing 37.29 then 3575 levels on the near term basis.
Therefore, we will keep preferring the bearish trend in the upcoming sessions unless breaching 4050 level and holding above it, pointing that this breach will lead the price to target 42.20 then 43.60 levels mainly.
Expected trading range for today is between 37.00 support and 41.70 resistance.
Expected trend for today: Bearish
Origin: Economies
