Brent oil price bounced bearishly as expected yesterday after testing the key resistance 47.90, to fluctuate around 46.76 now, keeping the price stuck between the trend keys represented by the mentioned resistance and 45.90 support, which makes us continue with our neutrality until the price manages to breach one of these levels followed by detecting the next destination clearly.
The contradiction between stochastic positivity and the EMA50 negativity providers another reason for neutrality, reminding you that breaching 47.90 resistance will allow the price to regain the main bullish trend that its targets begin at 52.83, while breaking 45.90 support will put the price under the correctional bearish pressure that its next target located at 43.00.
Expected trading range for today is between 45.00 support and 49.00 resistance.
Expected trend for today: Neutral
Origin: Economies
