Brent oil price succeeded to achieve our second waited target at 29.75 after the strong break to 30.97 level, noticing that stochastic shows negative signals now, which supports the chances of breaking 29.75 level and open the way to extend the bearish wave on the intraday and short term basis, as the next target located at 28.50.
Therefore, the bearish bias will remain dominant in the upcoming sessions, noting that breaching 30.97 followed by 31.60 levels will stop the expected decline and leads the price to start recovery attempts on the intraday basis.
The expected trading range for today is between 28.00 support and 31.00 resistance.
The expected trend for today: Bearish
Origin: Economies
