Brent oil price provides some positive trading after approach from 45.00 areas on last Friday, to approach gradually from retesting the previously broken 23.6% Fibonacci level that turns into resistance now at 46.76, forming the first protecting factor to the continuation of the short term bearish correction scenario, which gets support by the negative pressure providing by the EMA50.
Therefore, we will continue to suggest the bearish bias in the upcoming sessions unless breaching 46.76 level and holding above it, reminding you that our next main target is located at 43.00, while breaching 46.76 level will push the price to retest the previously broken bullish channel’s support that turns into resistance now at 48.60 before detecting the next destination on the short term basis.
Expected trading range for today is between 44.00 support and 47.00 resistance.
Expected trend for today: Bearish
Origin: Economies
