Brent oil price returns to decline by today’s open to reach the thresholds of the bullish channel’s support line, noticing that the price approaches forming double top pattern that appears on the chanrt, which supports the chances of breaking the channel’s support line at 47.30 and open the way to start bearish correction for the rise measured from 35.71 to 49.02, as the first correctional target is located at 45.88.
Therefore, we suggest witnessing additional negative trades in the upcoming sessions unless the price managed to breach 48.15 level and hold above it.
The expected trading range for today is between 46.00 support and 48.70 resistance.
The expected trend for today: Bearish temporarily
Origin: Economies
