Brent oil price suffered strong losses yesterday after breaking 85.12 level, as it surpassed the correctional bullish channel’s support line and start pressing on the most important support 81.32, to hint heading to achieve more expected decline in the upcoming sessions, targeting 79.10 followed by 78.30 levels as next main stations.
Therefore, the bearish bias will be suggested for today supported by moving below the EMA50, noting that breaching 83.15 will stop the current negative pressure and lead the price to start new recovery attempts.
The expected trading range for today is between 80.00 support and 83.15 resistance.
The expected trend for today: Bearish
Origin: Economies
