Brent oil price finds difficulty to confirm breaking 40.00 level, to show some slight bullish bias now and test the descending flag’s resistance that its signs appear on the chart, noticing that the EMA50 meets this pattern’s resistance to add more strength to it, which supports the chances of resuming the recently suggested bearish trend, which its next main targets located at 38.80 followed by 37.12.
Therefore, we will continue to suggest the bearish trend unless breaching 40.55 followed by 41.36 levels and holding above them.
The expected trading range for today is between 39.00 support and 41.36 resistance.
The expected trend for today: Bearish
Origin: Economies
