Brent oil price ended yesterday’s trading with strong negativity to close the daily candlestick below 46.15 level, which stops the recently suggested positive scenario and put the price under negative pressure that we expect to push trading to target 38.2% Fibonacci correction level at 43.00 in the upcoming period, especially that the price settles below the EMA50.
Therefore, the bearish bias will be suggested on the intraday and short term basis unless the price managed to breach 46.76 level and hold above it, which will stop the current negative pressure and lead the price to achieve gains that mainly start at 49.45.
Expected trading range for today is between 44.00 support and 48.00 resistance.
Expected trend for today: Bearish
Origin: Economies
