Brent oil price finds a difficulty to break the critical support level at 50.96 until now, showing sideways trading near 51.50, noticing that stochastic loses its positive momentum clearly approaching from the overbought levels, which forms negative factor that we expect to assist to push the price to break the mentioned support.
Therefore, our bearish trend expectations will remain valid for today, and breaking 50.96 level will open the way towards 49.21 as a next main target, taking into consideration that the continuation of the bearish trend depends on the stability below 52.71 and 53.20.
Expected trading range for today is between 49.21 support and 52.71 resistance.
Expected trend for today: Bearish
Origin: Economies
