Brent oil price bounced downwards clearly after testing the bearish channel’s resistance yesterday, to settle around 72.00 level now, waiting for more decline in the upcoming sessions, affected by the negative pressure formed by the EMA50, as our next target is located at 70.30.
Holding below 74.16 is important to continue the expected decline, as breaching it will lead the price to start recovery attempts that target 76.56 areas initially.
Expected trading range for today is between 70.30 support and 73.00 resistance.
Expected trend for today: Bearish
Origin: Economies
