Brent oil price settled below the main bullish channel’s support, which confirms falling under negative pressure on the short term basis, especially after the price failure to confirm breaching the minor bearish channel’s resistance that appears on chart, to target the key support levels that begin at 45.70 and extend to 43.60.
The EMA50 forms negative pressure that supports the expected decline, which will remain dominant on the upcoming trading unless the price managed to breach 48.70 level and hold above it.
Expected trading range for today is between 45.70 support and 49.60 resistance.
Expected trend for today: Bearish
Origin: Economies
