Brent oil price starts today with clear decline to test the key support 51.43, which urges caution from the upcoming trading, as breaking this level will push the price to return to the correctional bearish trakc and exit the bullish channel that appears on chart.
Therefore, we prefer staying aside temporarily in order to monitor the price behavior according to the key levels represented by 51.43 supprot and 52.15 resistance, noting that breaking this support will push the price to head towards areas that start at 50.08 and extend to 48.98, while breaching the resistance represents the key to resume the bullish trend that its first target located at 53.62.
Expected trading range for today is between 49.50 support and 53.62 resistance.
Expected trend for today: Depends on the above mentioned levels
Origin: Economies
