Brent oil price’s rise stopped at the first suggested target at 83.45, and bounced downwards strongly from there to break the key support 80.80, noticing that the price closed the daily candlestick below it, to pave the way to achieve bearish correction that we expect to reach 77.70 on the near term basis.
Therefore, we expect to witness more expected decline in the upcoming sessions, supported by the negative pressure formed by the EMA50, noting that breaching 81.50 will lead the price to start new recovery attempts and stop the expected correctional bearish pressure.
The expected trading range for today is between 79.20 support and 82.00 resistance.
The expected trend for today: Bearish
Origin: Economies
