Brent oil price continued its negative trading strongly yesterday affected by the completion of the double top pattern that appears on chart, as it succeeded to confirm breaking 38.2% Fibonacci level at 47.49 to open the way to extend the correctional bearish wave on the intraday to target 46.35 areas mainly.
Therefore, we expect the continuation of the bearish bias domination on the upcoming trading, noting that breaking 46.35 level will push the price towards 45.21 direct, while the bearish trend will remain valid unless the price managed to breach 47.49 followed by 48.50 levels and hold above them.
Expected trading range for today is between 45.00 support and 48.50 resistance.
Expected trend for today: Bearish
Origin: Economies
