Brent oil price rallied upwards clearly yesterday to test the most important resistance to the short term trading at 53.20, noticing that the EMA50 stops the price’s positive attempts, while stochastic provides clear negative signals on the four hours’ time frame.
Therefore, we believe that the chances valid to rebound bearishly to resume the main bearish track, which its targets begin at 49.87 and extend to 48.00 after surpassing the previous level, noting that breaching 53.20 will push the price to achieve additional gains that reach 56.90 before any new attempt to resume the main bearish trend.
The expected trading range for today is between 51.00 support and 54.00 resistance.
The expected trend for today: Bearish
Origin: Economies
