Brent oil price showed negative trades yesterday to start testing the key support 45.90, which represents one of the next trend keys besides 48.10 resistance, waiting to breach one of these to detect the next short term destination clearly.
Therefore, we will continue with our neutrality until we get clearer confirmation signal for the next trend, and the contradiction between stochastic positivity and the EMA50 negativity provides another reason for neutrality.
Note that breaking 45.90 support will push the price to visit 38.2% Fibonacci level located at 43.00, while breaching 48.15 resistance will lead trading to regain the main bullish trend and recover on the short term and medium term basis, to begin the positive targets by testing the previously recorded top at 52.83.
Expected trading range for today is between 44.50 support and 49.00 resistance.
Expected trend for today: Depends on the above mentioned levels
Origin: Economies
