Brent oil price managed to break 47.05 level after bouncing lower from the bearish channel’s resistance that appears in the chart, which supports the continuation of the expected bearish trend scenario efficiently in the upcoming period, and the way is open for heading towards our next targets that begin at 45.40 and extend to 43.56.
Therefore, we will be waiting for more of the downside moves in the upcoming sessions unless breaching 47.50 and holding with a daily close above it, pointing that the EMA50 keeps supporting the suggested bearish wave.
Expected trading range for today is between 45.00 support and 48.00 resistance.
Expected trend for today: Bearish
Origin: Economies
