Brent oil price faced strong negative pressure yesterday after breaking 80.00 barrier, and begins to press on the key support 77.80, which hints that the price is on its way to achieve more expected decline on the intraday basis, targeting testing the bullish channel’s support line at 76.60 mainly.
Therefore, we expect the continuation of the bearish bias in the upcoming sessions, being aware that breaking the targeted level will push the price to continue the decline and head towards 74.70 as a next negative target, while consolidating above it will lead the price to resume the main bullish track again.
The expected trading range for today is between 76.40 support and 79.50 resistance.
The expected trend for today: Bearish
Origin: Economies
