Brent oil price retested 52.22 level that turns into resistance after breaking it previously, accompanied by stochastic move are the overbought areas, which supports the chances of bouncing bearishly to resume the bearish trend again.
Therefore, the bearish trend will remain suggested in the upcoming sessions, and according to the trading rules inside the channels, the waited targets extend to reach 49.85 after succeeding to break 50.72 level, taking into consideration that breaching 52.22 will lead the price to return to the bullish trend and release from the current negative pressure.
Expected trading range for today is between 49.80 support and 53.00 resistance.
Expected trend for today: Bearish
Origin: Economies
