Brent oil price continued to decline yesterday to close the daily candlestick below 46.76, which represents 23.6% Fibonacci level for the bullish wave from 27.09 to 52.83, which provides signals of opening the way to extend the correctional bearish wave to target the next correctional level at 43.00, but we notice that the price begins today’s trading with clear positivity to trade above 46.76 level, which shows the price attempt to stop the bearish pressure and return to the bullish trend.
Therefore, we prefer to be neutral now in order to monitor the price behavior according to the key levels represented by 46.76 support and 47.56 resistance, as breaching this resistance represents key positive factor that will confirm stopping the negative pressure and the price return to resume the main bullish track.
Expected trading range for today is between 44.00 support and 49.00 resistance.
Expected trend for today: Depends on the above mentioned levels
Origin: Economies
