Brent oil price traded with strong negativity after breaking the critical support level at 55.20, recording 52.92 level as a bottom for yesterday’s trading, easing the way towards the continuation of the decline to test 23.6% Fibonacci correction level that located at 50.98.
On the other hand, we find that the mentioned decline stopped at 38.2% Fibonacci correction level for the last bullish wave that was measured from 43.56 to 58.36, which provides signals for the price attempt to recover after temporary bearish correction in the last sessions.
Therefore, we prefer staying aside now waiting for getting clearer confirmation signal for the next trend, which we will get it by breaching one of the next trend keys that represented by 52.71 support and 55.25 resistance, pointing that breaching this resistance will confirm the return to resume the main bullish trend that its initial target located at 58.36, while breaking 52.72 will push the price to head towards 50.98 directly.
Expected trading range for today is between 54.00 support and 58.37 resistance.
Expected trend for today: Depends on the above mentioned levels
Origin: Economies
