Brent oil price continues to decline to approach from our first main waited target at 48.70, noting that the negative pressure provided by the EMA50 supports the chances of surpassing the mentioned level to visit the main bullish channel’s support at 47.00.
Therefore, the bearish bias will be suggested for the upcoming sessions unless the price managed to breach 50.45 level and hold above it, which will lead the price to attempt to regain its main bullish track and recover on the short term and medium term basis.
Expected trading range for today is between 47.00 support and 51.00 resistance.
Expected trend for today: Bearish
Origin: Economies
