Brent oil price bounced downwards sharply yesterday after approaching from the bullish channel’s resistance that appears on chart, to break the key support levels between 52.22 and 51.90 and settles below them, which opens the way to extend the bearish wave to test the mentioned bullish channel’s support line, located now at 49.80.
Therefore, the bearish trend will be suggested in the upcoming sessions according to the trading rules inside the channels, noting that the continuation of the expected decline depends on holding below 52.22 level, while the price needs to break 50.72 level to ease the mission of achieve the above mentioned target.
Expected trading range for today is between 49.80 support and 53.00 resistance.
Expected trend for today: Bearish
Origin: Economies
