Brent oil price rallied to the upside clearly after finding a strong support at 43.60, noticing that the rise stopped at the minor bearish channel’s resistance level that its lines appears in the above chart, and according to the trading rules within the price channels, the price will face bearish wave in the upcoming sessions, and the target is visiting 42.25.
Stochastic provides clear negative signals on the four hours time frame, which encourages us to prefer the bearish bias in the upcoming period, taking into consideration that breaching 45.75 level will stop the suggested decline and leads the price to resume the main bullish trend within the medium term bullish channel.
Expected trading range for today is between 42.00 support and 47.00 resistance.
Expected trend for today: Bearish
Origin: Economies
