Brent oil price shows more negative trading to settle below 45.00 barrier, which supports the continuation of our bearish trend expectations on the short term basis, reinforced by the negative pressure provided by the EMA50, and the way is open to visit 43.00 level that represented 38.2% Fibonacci correction for the entire rise measured from 27.09 to 52.83.
Note that breaching 46.76 level will stop the correctional bearish trend scenario and lead the price to attempt to regain the main bullish trend, to head towards retesting the previously broken support of the main bullish channel that turns into resistance now at 49.05.
Expected trading range for today is between 43.00 support and 46.00 resistance.
Expected trend for today: Bearish
Origin: Economies
