Brent oil price breached the correctional bearish channel’s resistance line clearly, to rally bullishly and test the broken support of the main bullish channel that appears on the chart, noticing that the price found solid resistance there, to fail to return to this channel, which forced the price to rebound bearishly and head to resume the correctional bearish track.
Therefore, we suggest witnessing more decline today, noting that breaking 39.35 will confirm the continuation of the bearish bias towards 37.86, taking into consideration that failing to achieve the required break will lead the price to achieve new gains and head towards 42.00 initially.
The expected trading range for today is between 37.50 support and 41.50 resistance.
The expected trend for today: Bearish
Origin: Economies
