Brent oil price returned to decline clearly after the EMA50 formed good resistance against the price recent positive attempts, to test the bullish channel’s support line that appears on chart, waiting to braek this support to confirm extending the bearish wave towards our main targets that reach to 49.50 followed by 48.28 on the near term basis.
Therefore, we expect witnessing more decline in the upcoming sessions unless breaching 52.22 level and holding above it, as breaching this level will stop the current negative pressure and push the price to head towards 54.65 as a first main station.
Expected trading range for today is between 48.28 support and 51.50 resistance.
Expected trend for today: Bearish
Origin: Economies
