Brent oil price provided clear positive trades yesterday to settle above 60.00 barrier, but we notice that the price moves within minor bullish channel that we believe it forms bearish flag pattern that appears on the chart, which means that breaking 60.00 will activate the negative effect of this pattern and press the price to resume the main bearish trend.
Therefore, we believe that the chances are valid to trade negatively in the upcoming sessions, waiting to head towards 56.91 areas mainly, noting that breaching 61.10 will stop the expected decline and lead the price to achieve more gains on the short term basis.
Expected trading range for today is between 58.50 support and 62.50 resistance.
Expected trend for today: Bearish
Origin: Economies
