Brent oil price started today with bullish bias to breach the bullish channel’s resistance and settles above it, which might push the price to achieve some temporary intraday gains before resuming the main bearish trend, while stochastic shows negative signals now to support the chances of bouncing bearishly and return to the mentioned channel.
Therefore, we will keep our overall bearish overview conditioned by the price stability below 27.60, noting that breaking 25.75 is required to ease the mission of heading towards our first main target at 24.60, which breaking it represents the key to rally towards 22.40 on the near term basis.
The expected trading range for today is between 24.00 support and 27.60 resistance.
The expected trend for today: Bearish
Origin: Economies
