Brent oil price shows slight bearish bias now, hinting the resumption of the expected bearish trend on the intraday basis, which is supported by stochastic current negativity, waiting to test 43.60 level initially, noting that breaking this level will confirm heading towards the bullish channel’s support at 41.70.
Therefore, the bearish bias will remain suggested for the upcoming sessions as long as the price is below 45.60 level, noting that breaching this level will lead the price to head towards 50% Fibonacci level for the decline measured from 70.31 to 27.09.
Expected trading range for today is between 42.60 support and 46.50 resistance.
Expected trend for today: Temporarily Bearish
Origin: Economies
