Brent oil price confirmed breaking 51.43 level after closing yesterday’s trading below it, and it traded with clear negativity to approach from the first waited target at 50.08, which represents 38.2% Fibonacci correction level for the rise measured from 44.35 to 53.62, which means that breaking it will push the price to test 48.98 level direct.
Therefore, we will continue to suggest the bearish trend in the upcoming sessions as long as the price remains stable below 51.43, as breaching it will lead the price to return to the main bullish track again and stop the current correctional bearish pressure.
Expected trading range for today is between 49.00 support and 51.75 resistance.
Expected trend for today: Bearish
Origin: Economies
