Brent oil price faced strong negative pressure by today’s open to approach the key support 71.20, noticing that the EMA50 attempts to protect the price from suffering more losses, to face contradicted factors that makes us prefer to stay aside until we get clearer confirmation signal for the next trend.
Note that the continuation of the negative pressure and breaking 71.20 will push the price to continue the decline and head towards 69.60 mainly, while breaching 72.75 will lead the price to resume the main bullish trend that its next target located at 74.65.
The expected trading range for today is between 70.50 support and 73.00 resistance.
The expected trend for today: Depends on the above mentioned levels
Origin: Economies
