Brent oil price provided new positive trades to surpass the bearish channel’s resistance that appears on the chart, to start bullish correction for the bearish wave that started from 70.71, as it approaches 23.6% Fibonacci correction level – located at 57.36 – , noticing that stochastic shows negative signals now, which supports the chances of resuming the main bearish trend.
Therefore, we suggest the continuation of the overall bearish trend in the upcoming period, which its next main target located at 52.00, noting that breaching 57.36 will stop the negative scenario and leads the price for more bullish correction that its next target reaches 59.91.
The expected trading range for today is between 54.20 support and 57.36 resistance.
The expected trend for today: Bearish
Origin: Economies
