Brent oil price could not manage to hold for long time above 52.45, to rebound downwards strongly and breaks the main bullish channel’s support line and close the daily candlestick below it, which leads the price for potential bearish correction, targeting testing 48.50 level on the near term basis.
Therefore, we expect witnessing negative trades in the upcoming sessions, taking into consideration that breaching 51.55 will stop the negative scenario and leads the price to resume the main bullish track again.
The expected trading range for today is between 49.50 support and 52.00 resistance.
The expected trend for today: Bearish
Origin: Economies
