Brent oil price bounced strongly to the downside after retesting the previously broken support of the bullish channel that turns into key resistance now at 49.00, to resume the bearish track that moves organized inside the minor bearish channel that appears on chart, waiting to target 45.60 followed by 43.60 levels on the near term basis.
Therefore, the bearish bias will remain dominant on the upcoming trading supported by the EMA50, unless the price managed to breach 49.00 level and hold with a daily close above it.
Expected trading range for today is between 45.00 support and 49.00 resistance.
Expected trend for today: Bearish
Origin: Economies
