Brent oil price succeeded to achieve our waited negative target at 56.90, noticing that the price broke this level and closed the daily candlestick below it, opening the way towards the extension of the bearish correctional wave on the short term basis, where the next target is located at 61.8% Fibonacci correction level at 49.87.
Therefore, the bearish bias will remain preferred in the upcoming sessions, being aware that breaching 56.90 then 58.40 levels might push the price to begin recovery attempts on the intraday and short term basis.
Expected trading range for today is between 54.80 support and 57.50 resistance.
Expected trend for today: Bearish
Origin: Economies
