Brent oil price opens today’s trading with big bearish gap that puts the price below 59.60, which reinforces the expectations of continuing the bearish trend on the intraday and short term basis, paving the way to head towards 56.00 level that represents our next main target.
Therefore, we will continue to suggest the bearish trend for the upcoming period supported by the negative pressure formed by the EMA50, noting that holding below 59.60 is important to continue the expected decline.
The expected trading range for today is between 56.50 support and 59.60 resistance.
The expected trend for today: Bearish
Origin: Economies
