Brent oil price bounced upwards clearly after the price found solid support at 50.96, to approach from retesting 52.71 level that was broken previously, which is met by the EMA50 to add more strength to it, accompanied by stochastic reach to the overbought areas’ thresholds.
Therefore, these factors encourage us to continue suggesting the bearish trend in the upcoming period, and the targets begin by breaking 50.96 level to confirm extend the bearish wave towards 49.21, reminding you that breaching 52.71 will open the way to attempt to regain the main bullish trend, to start the positive targets at 54.87 and extend to the previously recorded top at 58.36.
Expected trading range for today is between 50.50 support and 53.20 resistance.
Expected trend for today: Bearish
Origin: Economies
