Brent oil price ended yesterday’s trading with strong negativity to break 48.70 level and settle below it, which stops the positive scenario temporarily and push the price to decline on the intraday basis, targeting a test to the key support base located at 47.70.
Therefore, the decline will be expected for the upcoming sessions until the price manages to breach 48.70 and hold above it again to regain the main bullish track that its next target located at 51.25, taking into consideration that breaking 47.70 level will put the price under more negative pressure that will lead trading towards 43.60 before any new attempt to rise.
Expected trading range for today is between 46.50 support and 51.00 resistance.
Expected trend for today: Bearish
Origin: Economies
