Brent oil price traded with strong negativity yesterday to breach 74.00 level and settles above it, but it faced solid resistance formed by the EMA50 near the correctional bearish channel’s resistance, accompanied by witnessing clear overbought signals through stochastic.
Therefore, we believe that the chances are valid to rebound bearishly and trade negatively in the upcoming sessions, waiting to break 74.00 level to head towards 72.00 that represents our first main target, taking into consideration that breaching 76.05 followed by 76.47 levels will stop the expected decline and push the price to regain the main bullish trend again.
Expected trading range for today is between 73.00 support and 76.47 resistance.
Expected trend for today: Overall Bearish
Origin: Economies
