Brent oil price ended yesterday below 28.50, opening today with bullish gap, but it declined to settle below the mentioned level again, which keeps the bearish trend scenario valid and active on the intraday and short term basis, supported by stochastic negativity and the negative pressure formed by the EMA50, waiting to head towards our negative targets that start at 27.00 and extend to 25.90 followed by 24.55.
On the other hand, we should note that breaching 28.50 will push the price to achieve intraday gains that target testing 29.75 level before any new attempt to decline.
The expected trading range for today is between 26.00 support and 29.50 resistance.
The expected trend for today: Bearish
Origin: Economies
