Brent oil price shows clear negative trades now after the strong bullish rally that it witnessed in the previous sessions, and attempts to return to the intraday bearish channel, affected by stochastic negativity, to head towards potential return to the correctional bearish scenario, but it needs to break 63.70 followed by 62.94 levels to confirm the continuation of the decline, as consolidating above the first level represents the key to resume the main bullish track.
Therefore, we prefer to stay neutral until we get clearer signal for the next trend, noting that breaking 63.70 followed by 62.94 levels will press on the price to continue the decline and head towards 60.40 followed by 57.75 levels as main negative stations, while breaching 64.85 represents positive factor that will lead the price to regain the main bullish trend and achieve gains that start at 66.40.
The expected trading range for today is between 62.00 support and 65.20 resistance.
The expected trend for today: Neutral
Origin: Economies
