Brent oil price suffered strong losses yesterday to break 74.70 level and close the daily candlestick below it, which stops the recently suggested positive scenario and press on the price to decline again, to head towards visiting 38.2% Fibonacci correction level as a next negative target.
Therefore, we expect to witness more decline on the intraday basis unless the price managed to breach 74.70 and hold above it.
The expected trading range for today is between 72.75 support and 75.40 resistance.
The expected trend for today: Bearish
Origin: Economies
