Brent oil price rose strongly yesterday, but it stopped at the broken support that appears on the chart, which forms key resistance now at 39.25, to start providing bearish rebound signals now, supported by stochastic negativity that appears clearly on the four hours’ time frame.
Therefore, we believe that the way is open to resume the bearish trend in the upcoming sessions, which targets testing 36.36 level mainly, noting that breaching 39.25 followed by 40.23 levels will stop the expected decline and leads the price to return to the main bullish trend again.
The expected trading range for today is between 37.00 support and 40.50 resistance.
The expected trend for today: Bearish
Origin: Economies
