Brent oil price rallied bullishly after testing 47.05 on last Friday, to surpass 49.21 level and start testing 50.00$ barrier, accompanied by stochastic entering the overbought areas, while the EMA50 keeps forming negative pressure on the price.
Therefore, these factors encourage us to continue suggesting the bearish trend in the upcoming period, and the first target is represented by visiting 47.05 level again, noting that breaching 50.00 followed by 50.96 levels will stop the suggested decline and push the price to extend its gains to reach 52.71 initially.
Expected trading range for today is between 47.50 support and 50.96 resistance.
Expected trend for today: Bearish
Origin: Economies
