Brent oil price started to rebound bearishly after the rise that it witnessed in the previous sessions, as we notice that stochastic loses its positive momentum clearly and prepares to provide negative overlapping signal on the four hours’ time frame, reinforcing the expectations of continuing the general negative scenario.
Therefore, we will continue to suggest the bearish trend in the upcoming sessions conditioned by the price stability below 47.05, noting that our next main target is located at 42.72.
Expected trading range for today is between 42.72 support and 46.40 resistance.
Expected trend for today: Bearish
Origin: Economies
