Brent oil price succeeded to achieve our first waited target at 53.00 and shows bullish rebound from there, affected by stochastic positivity, while the overall bearish trend scenario still valid as long as the price is below 56.90, waiting to resume the decline that its next main target located at 49.87.
We should note that breaching 56.90 will stop the expected decline and lead the price to achieve gains that reach 63.95 on the near term basis.
Expected trading range for today is between 52.50 support and 56.00 resistance.
Expected trend for today: Bearish
Origin: Economies
