Brent oil price declined strongly yesterday to surpass our waited target at 71.20 and settles below it, confirming the extension of the bearish wave and head towards visiting 69.65 that represents our next negative target, to keep the bearish trend valid and active for the upcoming period, noting that surpassing the last level will extend the bearish wave to reach 67.70 as a next station.
On the other hand, we should note that breaching 71.20 will lead the price to start recovery attempts that target visiting 72.75 areas initially.
The expected trading range for today is between 69.00 support and 71.90 resistance.
The expected trend for today: Bearish
Origin: Economies
