Brent oil price falls under more negative pressure to surpass 53.23 and reaches 52.00 level now, noticing that the price faces more pressure to provide more negative trades, on its way to visit he bearish channel’s support line that appears on the chart, located at 48.00.
Therefore, we will continue to suggest the bearish trend on the intraday and short term basis, noting that breaching 53.23 might push the price to achieve intraday gains and achieve temporary bullish correction before resuming the main bearish trend.
The expected trading range for today is between 50.00 support and 53.23 resistance.
The expected trend for today: Bearish
Origin: Economies
