Brent oil price succeeded to touch our first waited target at 50.72 and settles there, to show some slight bullish bias now affected by stochastic positivity, while the EMA50 continues to form negative pressure against the price, to keep the bearish trend suggested in the upcoming period, waiting to test the bullish channel’s support line at 49.95.
Therefore, we expect the continuation of the bearish trend domination in the upcoming sessions unless the price managed to breach 52.22 level and hold above it, noting that breaking 49.95 will push the price to suffer more losses on the short term basis, and the next targets reach to 49.50 followed by 48.28.
Expected trading range for today is between 49.00 support and 52.00 resistance.
Expected trend for today: Bearish
Origin: Economies
