Brent oil price opened today’s trading with bullish gap that puts the price near the bearish channel’s resistance that appears on the chart, but we notice that the price begins to provide negative trades supported by stochastic negativity, which supports the chances of resuming the bearish bias to cover the mentioned gap first, followed by resuming the main bearish trend within the mentioned channel.
Therefore, the overall negative scenario will remain valid for the upcoming period unless breaching the channel’s resistance at 28.00 and holding above it, noting that our expected targets begin at 25.84 and extend to 24.70.
The expected trading range for today is between 25.00 support and 29.00 resistance.
The expected trend for today: Bearish
Origin: Economies
