Brent oil price bounced strongly to the downside yesterday after the price faced the minor bearish channel’s resistance that appears on chart, to target testing the key support 48.70, accompanied by stochastic approach from the oversold areas, which hints that the current decline is temporary, waiting to resume the main bullish track, especially that we believe that the mentioned bearish channel represent continuation bullish flag pattern that reinforces the overall positive overview.
Therefore, the bearish bias will be expected temporarily, waiting to rebound bullishly after leaning on 48.70 level, taking into consideration that breaching 51.15 will lead the price to resume the main bullish trend without the need to the mentioned decline, and the positive targets will begin at 53.80.
Expected trading range for today is between 48.00 support and 53.00 resistance.
Expected trend for today: Bearish temporarily
Origin: Economies
