Brent oil price succeeded to achieve our main waited target at 33.80 and broke it to settle below it, starting today with additional bearish bias to hint the beginning of correctional bearish wave for the entire rise measured from 19.97 to 36.96, on its way to visit 32.95 level initially, noting that breaking this level will push the price to 30.47 as a next correctional target.
Therefore, we expect witnessing more decline in the upcoming sessions, supported by the negative pressure formed by the EMA50, noting that breaching 34.50 and holding above it will stop the current decline and push the price back to the main bullish track.
The expected trading range for today is between 31.50 support and 35.00 resistance.
The expected trend for today: Bearish
Origin: Economies
