Brent oil price hovers around the bullish channel’s support line that appears on the chart, noticing that stochastic shows clear overbought signals and approaches to provide negative overlapping signal now, waiting to motivate the price to resume the expected bearish trend on the intraday and short term basis, which targets visiting 59.55 level initially.
Therefore, we will keep our bearish overview unless we witnessed clear breach to 63.10 level and holding with a daily close above it.
The expected trading range for today is between 60.00 support and 63.50 resistance.
The expected trend for today: Bearish
Origin: Economies
