Brent oil price traded with strong negativity after the fluctuation near the bearish channel’s resistance that appears in the image, to succeed to reach our next target at 45.40, which supports the continuation of our bearish trend expectations efficiently in the upcoming period, pointing that the negative pressure that comes from the EMA50 supports the chances of the bearish wave extension to 43.56.
Therefore, we wait to more of the downside moves for today, being aware that breaching 47.05 – 47.20 levels will stop the current negative pressure and leads the price to begin recovery attempts on the intraday and short term basis.
Expected trading range for today is between 43.56 support and 47.00 resistance.
Expected trend for today: Bearish
Origin: Economies
