Brent oil price showed negative trading yesterday to approach from 50.96 level, which represents 50% Fibonacci correction level for the rise measured from 43.56 to 58.36, thus, breaking it will push the price to visit 49.21 level direct.
The EMA50 keeps pushing negatively on the price, to support the chances of achieving the required break and extend the bearish wave in the upcoming period, thus, we suggest the continuation of the bearish bias on the intraday and short term basis, taking into consideration that breaching 52.71 will stop the expected decline and lead the price to attempt to regain the main bullish trend again.
Expected trading range for today is between 50.00 support and 52.71 resistance.
Expected trend for today: Bearish
Origin: Economies
