Brent oil price managed to achieve our first waited negative target at 105.80, and bounced bullishly to test 109.60 again, noticing that the price returns to decline to resume the expected bearish wave on the intraday basis, waiting to surpass the first level to head towards our next negative target at 102.25.
Therefore, our bearish overview will remain valid and active, supported by the negative pressure formed by the EMA50, taking into consideration that breaching 109.60 will lead the price to achieve intraday gains that start by visiting 113.80 areas.
The expected trading range for today is between 104.50 support and 109.60 resistance.
The expected trend for today: Bearish
Origin: Economies
