Brent oil price tests the bearish channel’s support line that appears on the chart, noticing that stochastic shows clear overbought signals now, while the EMA50 keeps pressing negatively on the price.
Therefore, we believe that the chances are valid to resume the bearish trend in the upcoming sessions, and the targets begin by breaking 72.00 to confirm opening the way to visit 70.00 followed by 67.50 levels as next main stations, noting that the continuation of the bearish trend depends on the price stability below 74.00.
Expected trading range for today is between 70.50 support and 73.50 resistance.
Expected trend for today: Bearish
Origin: Economies
