Brent oil price declined strongly yesterday to touch our waited target at 71.20, noticing that the price bounced upwards quickly to approach 72.75 level that turns into resistance now after breaking it previously, waiting to resume the correctional bearish track to surpass 71.20 and head towards 69.65 as a next target.
Therefore, we expect the continuation of the bearish trend domination on the intraday basis unless the price rallied to breach 72.75 and hold above it.
The expected trading range for today is between 70.70 support and 73.50 resistance.
The expected trend for today: Bearish
Origin: Economies
