Brent oil price suffered strong losses yesterday, starting today with additional negativity to break the bullish channel’s support line and confirms the beginning of bearish correction for the rise measured from 64.55 to 76.56, as the first target is located at 73.70, noting that breaking this level will push the price to visit 38.2% Fibonacci correction level at 72.00.
Therefore, we suggest witnessing more decline in the upcoming sessions, noting that breaching 74.90 will stop the negative scenario and lead the price to regain the main bullish trend again.
The expected trading range for today is between 72.70 support and 75.30 resistance.
The expected trend for today: Bearish
Origin: Economies
