Brent oil price declined sharply yesterday to succeed achieving our waited target at 102.25 and breaks it to settle below it, opening the way to continue the decline on the longer term basis, organized inside the bearish channel that has additional negative targets that reach 97.85.
Therefore, we will continue to suggest the bearish trend for the upcoming period, noting that holding below 102.25 is important to continue the expected decline, while breaking 97.85 represents the key to rally towards 90.45 as a next main station.
The expected trading range for today is between 97.50 support and 103.50 resistance.
The expected trend for today: Bearish
Origin: Economies
