Brent oil price rallied strongly to the upside yesterday to breach 43.00 level and starts the process of retesting the previously broken support line of the bearish channel that turns into resistance now at 43.50, and as long as the price is below this level, the chances will remain valid to resume the bearish bias in the upcoming sessions, especially that the EMA50 forms continuous negative pressure against the intraday and short term trading, besides the negativity that appears clearly on stochastic.
Therefore, the bearish bias will be suggested on the intraday and short term basis, and the next main target is represented by testing 39.96 level, noting that breaching 43.50 level and holding above it will stop the suggested negative scenario and push the price to achieve more gains on the longer term basis.
Expected trading range for today is between 41.00 support and 45.00 resistance.
Expected trend for today: Bearish
Origin: Economies
