Brent oil price succeeded to achieve our waited target at 60.00 on last Friday, and this level is broken to settle below it, paving the way to extend the bearish wave on the short term basis, as the next target is located at 50% Fibonacci correction level at 56.91.
Therefore, we suggest the continuation of the overall bearish bias for today, noting that breaching 60.00 might push the price to test 63.95 areas before any new attempt to decline.
Expected trading range for today is between 58.00 support and 61.00 resistance.
Expected trend for today: Bearish
Origin: Economies
