Brent oil price succeeded to touch our waited target at 27.10 and shows some bullish bias now, on its way for potential test to the intraday bearish channel’s resistance that appears on the chart, but we notice that the MA50 continues to form negative pressure against the price, to keep the overall bearish trend scenario active for the upcoming period, waiting to break the mentioned level to open the way to head towards 25.95 as a next station.
On the other hand, we should note that breaching 29.40 will push the price to achieve more rise and visit 31.55 areas before any new negative attempt.
The expected trading range for today is between 25.95 support and 30.00 resistance.
The expected trend for today: Bearish
Origin: Economies
