Brent oil price managed to break 80.80 level and decline strongly to confirm the continuation of the correctional bearish wave, and we believe that the way is open to visit 38.2% Fibonacci correction level at 77.70, supported by the negative pressure formed by the EMA50.
Therefore, the bearish trend scenario will remain valid and active in the upcoming sessions, noting that breaching 80.80 will stop the expected decline and lead the price to attempt to regain the main bullish trend again.
The expected trading range for today is between 77.70 support and 80.50 resistance.
The expected trend for today: Bearish
Origin: Economies
