Brent oil price settles below 48.52 level, to keep the negative pressure valid on the intraday and short term basis, and the price moves below the bearish trend line that appears on chart, which hints that the price is on its way to achieve more decline in the upcoming period.
Therefore, we are waiting for negative trading today supported by the negative pressure formed by the EMA50, as our next main target is located at the previously recorded low at 46.63, noting that breaching 48.52 followed by 49.69 levels will stop the current negative pressure and push the price to achieve gains that start at 51.57 mainly.
Expected trading range for today is between 46.00 support and 49.69 resistance.
Expected trend for today: Bearish
Origin: Economies
