Brent oil price provided negative trades yesterday to break the main bullish channel’s support line and settles below it, which puts the price under potential negative pressure in the upcoming sessions, but we notice that stochastic shows oversold signals now, which might assist to push the price to recover and regain the main bullish trend again.
Therefore, the contradiction between the technical factors makes us prefer staying aside temporarily until we get clearer signal for the next trend, noting that continuing the bearish bias and breaking 66.85 will confirm extending the bearish wave to target 65.00 followed by 63.95 areas mainly, while breaching 67.85 will push the price back to the main bullish track and lead to achieve gains that start at 70.00 and extend to 72.65.
The expected trading range for today is between 65.50 support and 69.00 resistance.
The expected trend for today: Neutral
Origin: Economies
