Brent oil price provided clear positive trading in the previous sessions to test the bearish channel’s resistance that appears on the chart, but it rebounds bearishly now to move around 74.00 level, noticing that the EMA50 protects trading inside the mentioned channel, while stochastic provides clear negative signal on the four hours’ time frame.
Therefore, these factors encourage us to continue suggesting the bearish trend in the upcoming sessions, which its main targets located at 72.00 followed by 70.00, noting that breaching 75.10 will stop the expected decline and push the price to rise again.
Expected trading range for today is between 72.00 support and 75.50 resistance.
Expected trend for today: Bearish
Origin: Economies
