Brent oil price resumed its negative trading after retesting 46.76 level in the previous sessions, to head towards our main waited target at 43.00, to keep the bearish trend valid in the upcoming period, reminding you that the targeted level represents 38.2% Fibonacci correction for the bullish wave measured from 27.09 to 52.83.
Therefore, we will continue to suggest the bearish bias unless the price managed to breach 46.76 level and hold above it, noting that breaking the targeted level will extend Brent oil price losses to reach 39.96 as a next main station.
Expected trading range for today is between 42.00 support and 46.76 resistance.
Expected trend for today: Bearish
Origin: Economies
