Brent oil price succeeded to achieve our next waited target at 54.90 and surpassed it to settle below it, reinforcing the expectations of continuing the bearish trend on the short term basis, reminding you that our next station reaches 53.55.
The EMA50 supports the suggested bearish wave, and breaking the bearish channel’s support line that appears on the chart supports the chances of continuing the decline in the upcoming period, noting that the continuation of the expected decline conditions holding below 56.00.
The expected trading range for today is between 53.00 support and 56.00 resistance.
The expected trend for today: Bearish
Origin: Economies
