Brent oil price traded with strong negativity yesterday to close the daily candlestick below 46.76 level, which hints the price return to the correctional bearish track again, especially after it failed to breach the EMA50, but the price needs to break 45.90 level to confirm the continuation of the bearish bias, as stochastic reaches the oversold areas to provide positive factor that might assist to stop the price losses.
Therefore, we need to stop aside temporarily until we get clearer signal for the next trend, which we will get through breaking 45.90 support or breaching 47.87 resistance, as breaking this support represents the key to confirm the continuation of the bearish bias on the short term basis to head towards 43.00 mainly, while breaching 47.87 will reactivate the main positive scenario that its targets begin by testing the previously recorded top at 52.83.
Expected trading range for today is between 43.00 support and 50.00 resistance.
Expected trend for today: Neutral
Origin: Economies
