Brent oil price succeeded to achieve our waited target at 56.00 and presses negatively on it in attempt to break it, which supports the expectations of continuing the bearish trend on the longer term basis, reinforced by the negative pressure formed by the EMA50, noting that breaking the mentioned level will push the price to 54.90 followed by 53.55 levels as next main stations.
Therefore, the bearish bias will remain suggested for the upcoming period, noting that failing to achieve the required break will lead the price to start recovery attempts that target testing 59.60 areas initially before any new attempt to decline.
The expected trading range for today is between 54.50 support and 57.30 resistance.
The expected trend for today: Bearish
Origin: Economies
