Brent oil price declined strongly yesterday to break the intraday bullish trend line and settles below it, as the price found solid resistance at 50% Fibonacci correction level for the decline measured from 54.65 to 44.35, which hints the price head to resume its bearish track again.
Therefore, the bearish trend will be suggested in the upcoming sessions, supported by the price stability below the initial resistance 48.28, waiting to test 46.78 level initially, noting that breaching 48.28 followed by 49.50 levels will stop the current negative pressure and lead the price to achieve more gains on the short term basis.
Expected trading range for today is between 46.00 support and 49.50 resistance.
Expected trend for today: Bearish
Origin: Economies
