Brent oil price bounced higher clearly yesterday after approaching from 50.00 barrier, to settle above 50.96 again, waiting for a confirmed break to this level to support the continuation of the suggested negative scenario in our last reports, which gets continuous support from the EMA50.
Therefore, we wait for negative trading in the upcoming sessions, and the next target located at 49.21, pointing that stochastic reaches the overbought levels to support the chances for achieving the expected decline, which will remain valid unless witnessing clear breach to 52.71 then 53.20 levels.
Expected trading range for today is between 49.21 support and 53.20 resistance.
Expected trend for today: Bearish
Origin: Economies
