Brent oil price kept its stability below 50.96 level after testing it yesterday, which keeps the bearish trend scenario valid on the intraday and short term basis, supported by stochastic negativity, waiting to target 49.21 level initially.
Note that breaking the targeted level will extend the bearish wave to reach 47.05 as a next main station, while breaching 50.96 represents positive factor that will stop the current negative pressure and lead the price to achieve more gains on the short term basis.
Expected trading range for today is between 48.00 support and 52.00 resistance.
Expected trend for today: Bearish
Origin: Economies
