Brent oil price trades with clear negativity since yesterday’s evening to reach the sideways range’s support line now, located at 58.40, and the chances seem valid to break this level and open the way to extend the bearish wave on the intraday and short term basis, but we need to get a daily close below the mentioned level to confirm the continuation of the decline.
Therefore, the sideways bias will remain suggested on the intraday basis, reminding you that confirming breaking 58.40 will press the price to target areas that extend to 56.00, while the stability of the mentioned support line against the price’s current negative attempts will push the price to test the sideways range’s resistance at 63.95 in the upcoming sessions.
Expected trading range for today is between 57.00 support and 60.00 resistance.
Expected trend for today: Sideways
Origin: Economies
