Brent oil price retested the bullish trend line that carries trading since the beginning of last month and kept its stability below it, to rebound bearishly and settle below 46.35 now, which keeps the chances valid to resume the bearish trend in the upcoming sessions, especially that the EMA50 continues to push negatively on the intraday trading.
Stochastic shows clear negative signals now, thus, we believe that the bearish trend will remain dominant on the intraday and short term basis unless breaching 47.10 followed by 47.49 levels and holding above them, reminding you that our main waited targets begin at 45.21 and extend to 43.79.
Expected trading range for today is between 43.79 support and 48.00 resistance.
Expected trend for today: Bearish
Origin: Economies
