Brent oil price succeeded to touch our waited target at 97.80, noticing that the price bounced downwards strongly from there, to press on the key support 96.10 now, which makes us suggest witnessing more bearish bias in the upcoming sessions, supported by the negative pressure formed by the EMA50, besides stochastic negativity signals.
Note that breaking 96.10 will push the price to visit 94.90 followed by 93.25 levels mainly, taking into consideration that breaching 97.80 will stop the expected decline and lead the price to achieve additional bullish correction on the intraday basis, its next target reaches 99.20.
The expected trading range for today is between 94.00 support and 97.80 resistance.
The expected trend for today: Bearish
Origin: Economies
