Brent oil price managed to break 48.70 level and closed the daily candlestick below it, which supports the continuation of our bearish overview efficiently for the upcoming period, opening the way to visit the main bullish channel’s support at 47.20.
It is important to monitor the price behavior when reaching the targeted level, and according to the trading rules inside the channels, holding against the current negative pressure will lead the price to resume the main bullish trend followed by heading towards 53.80 areas on the near term basis, while breaking the bullish channel’s support represents negative factor that will push the price to achieve more decline that its next targets reach to 43.60.
Expected trading range for today is between 46.00 support and 50.00 resistance.
Expected trend for today: Bearish
Origin: Economies
