Brent oil price was affected by the Iraqi and Nigerian oil export boost and the Chinese fuel exports rise news yesterday, to show strong negativity that pushed the price to start bearish correction for the bullish wave measured from 41.50 to 51.20, noticing that the price begins today’s trading with more negativity to break 23.6% Fibonacci level and settle below it, opening the way to head towards the next correctional level at 47.50.
Therefore, we suggest the continuation of the bearish trend domination on the upcoming trading, especially in case the price succeeded to surpass the EMA50 that forms support base now at 48.50, noting that breaking 47.50 level will extend the bearish wave to reach 46.35 as a next main station, while breaching 48.90 level represents the first key to the attempts to regain the main bullish trend.
Expected trading range for today is between 46.35 support and 50.00 resistance.
Expected trend for today: Bearish
Origin: Economies
