Brent oil price declined strongly yesterday after approaching our waited target at 78.00, as it broke the bullish channel’s support line strongly and started bearish correction for the rise measured from 64.55 to 77.80, opening the way now to head towards 38.2% Fibonacci correction level at 72.75.
Therefore, we expect to witness more decline in the upcoming sessions, taking into consideration that breaching 74.70 followed by 75.30 levels is considered as initial key to start recovery attempts and regain the main bullish trend again.
The expected trading range for today is between 73.00 support and 75.50 resistance.
The expected trend for today: Bearish
Origin: Economies
