Brent oil price retested 48.52 level and kept its stability below it, to rebound bearishly and resume the expected bearish track on the short term basis, and the way is open to visit the previously recorded low at 46.63 as a next main station.
Therefore, the bearish trend will remain dominant in the upcoming period, supported by the negative pressure formed by the EMA50, noting that breaching 49.69 will lead the price to start recovery attempts that target 50.63 followed by 51.57 areas initially.
Expected trading range for today is between 46.00 support and 49.00 resistance.
Expected trend for today: Bearish
Origin: Economies
