Brent oil price could not manage to hold for long time below the bullish channel’s support line that it attempted to break it yesterday, to trade positively above 50.72 now, which might push the price to provide some temporary positive trading before turning back to decline again.
The EMA50 forms negative pressure against the intraday and short term trading, while stochastic reaches the overbought areas now, therefore, these factors encourage us to continue suggesting the overall bearish trend that targets 49.50 followed by 48.28 levels mainly, taking into consideration that holding below 52.22 represents the most important condition to achieve the suggested targets.
Expected trading range for today is between 48.28 support and 52.22 resistance.
Expected trend for today: Bearish
Origin: Economies
