Brent oil price bounced upwards strongly after the consolidation of 69.60 level against the recent negative pressure, to approach testing the key resistance 72.70, noticing that the EMA50 meets this level to add more strength to it, while stochastic reaches the overbought areas.
Therefore, these factors encourage us to suggest the declie today, and the first target is represented by testing 69.60 level again, noting that breaching 72.70 will stop the negative scenario and lead the price to achieve more gains on the intraday basis.
The expected trading range for today is between 70.50 support and 73.50 resistance.
The expected trend for today: Overall bearish
Origin: Economies
