Brent oil price attempted to breach 48.52 level but it returned to end yesterday’s trading below this level, which keeps the negative pressure valid until now, waiting for resuming the bearish bias that targets testing the previously recorded bottom at 46.63 as a next main station.
Therefore, the bearish trend will be preferred in the upcoming sessions, supported by the negative pressure that comes from the EMA50 besides the negative signals that come from stochastic, pointing that breaching 48.52 then 49.69 levels will stop the current decline and leads the price to begin recovery attempts that targets 51.57 levels initially.
Expected trading range for today is between 46.00 support and 49.69 resistance.
Expected trend for today: Bearish
Origin: Economies
