Brent oil price faced strong negative pressure yesterday to break 65.40 level and settles below it, which stops the recently suggested positive scenario, especially that the price moves below the EMA50, but we notice that stochastic provides clear positive signals that might assist to push the price to recover the losses that it suffered in the previous sessions.
Therefore, this contradiction between the technical factors makes us prefer staying aside until we get clearer signal for the next trend, noting that breaking 64.00 will confirm the continuation of the bearish wave to target 61.71 areas on the near term basis, while breaching 65.40 will lead the price to attempt to regain the bullish trend that its main targets begin at 66.54 and extend to 67.68.
Expected trading range for today is between 63.00 support and 66.54 resistance.
Origin: Economies
