Brent oil price bounced lower after retesting 53.60 level, to approach from the critical support at 52.70, as we mentioned in our last report, the price needs to break this level to reinforce the expectations for the continuation of the bearish trend on the intraday and short term basis, which will push the price to 50.96 as a next main target.
Therefore, the bearish trend scenario will remain the dominant in the upcoming sessions unless breaching 53.60 level and holding above it, pointing that stochastic current positivity might cause some temporary sideways fluctuation before resuming the expected decline.
Expected trading range for today is between 51.00 support and 54.87 resistance.
Expected trend for today: Bearish
Origin: Economies
