Brent oil price achieved some rise on last Friday to test 50.00$ barrier, showing some bearish bias now that hints the price is heading to resume its bearish track on the intraday and short term basis, which is supported by the negative pressure formed by the EMA50, besides stochastic reach to the overbought areas’ thresholds.
Therefore, we suggest witnessing negative trading in the upcoming sessions, and the next target is represented by testing 76.4% Fibonacci level at 48.52, noting that breaching 50.63 followed by 52.57 levels will stop the expected decline and push the price to regain its main bullish track again.
Expected trading range for today is between 48.00 support and 51.50 resistance.
Expected trend for today: Bearish
Origin: Economies
