Brent oil price traded with clear positivity yesterday to breach 49.21 level and settles above it again, but we notice that the EMA50 forms negative pressure against the intraday trading, while stochastic shows clear overbought signals now.
Therefore, these factors encourage us to keep preferring the bearish trend in the upcoming period, and the negative targets begin at 49.21 and extend to 47.05, being aware that breaching 50.96 level will stop the expected decline and leads the price to attempt to regain the main bullish trend.
Expected trading range for today is between 48.00 support and 51.50 resistance.
Expected trend for today: Bearish
Origin: Economies
