Brent oil price bounced downwards clearly yesterday to approach 51.00$ barrier, but it begins today with bullish bias to move near the key resistance 53.20, noticing that the EMA50 meets this level to add more strength to it, waiting to decline again to resume the bearish trend that targets testing 49.87 level initially.
Therefore, we will continue to suggest the bearish trend for the upcoming period conditioned by the price stability below 53.20, noting that surpassing the mentioned target will push the price to 48.00 as a next main station.
The expected trading range for today is between 51.00 support and 53.50 resistance.
The expected trend for today: Bearish
Origin: Economies
