Brent oil price begins today’s trading with clear decline after testing the EMA50 in the previous sessions, which formed solid resistance against the price’s recent positive attempts, to start pressing on 37.86 level again, waiting to break this level to confirm the continuation of the correctional bearish trend.
Stochastic provides negative signals that support the chances of confirming the required break, to continue suggesting the bearish trend for the upcoming period, reminding you that our next target is located at 34.44, while holding below 39.30 represents key condition to achieve the waited targets.
The expected trading range for today is between 35.50 support and 39.30 resistance.
The expected trend for today: Bearish
Origin: Economies
