Brent oil price started this week with bearish gap that pushed the price to break 42.20 level strongly, after Doha talks failed to reach an agreement to limit oil production, which hints the possibility of the price return to resume the long term bearish trend after the bullish correction that started from 27.09 low areas.
Now, we prefer staying aside temporarily until we confirm the next destination, and the price needs to surpass one of the key levels represented by 39.10 support and 43.60 resistance to detect the next targets clearly, noting that breaching the mentioned resistance will reactivate the correctional bullish trend that its next target located at 48.70, while breaking 39.10 will put the price under negative pressure that its targets begin by testing 37.29 and extend to 34.80 on the near term basis.
Expected trading range for today is between 39.10 support and 43.60 resistance.
Expected trend for today: Depends on the above mentioned levels
Origin: Economies
