Brent oil price succeeded to hit our waited initial main target at 50.96, which represents Fibonacci correction level for the bullish wave that measured from 43.56 to 58.36, showing attempts for breaking the mentioned level with the opening of today’s trading, which supports the chances for the extension of the bearish wave to target 49.21 level as a next main station.
Therefore, we will keep the bearish trend preferred on the intraday and short term basis, supported by the EMA50, pointing that breaching 52.71 then 53.20 levels, will stop the current negative pressure and leads the price to regain its main bullish track.
Expected trading range for today is between 49.21 support and 52.71 resistance.
Expected trend for today: Bearish
Origin: Economies
