Brent oil price declined strongly yesterday to succeed achieving our negative targets mentioned in our previous report, settling around the second target 78.30 now, waiting for more expected decline in the upcoming sessions, on its way to visit 77.00 followed by 75.18 levels as next negative stations.
Therefore, the bearish trend scenario will remain suggested on the intraday and short term basis, noting that holding below 79.75 represents the first condition to continue the expected decline, as breaching it will lead the price to attempt to recover and visit 81.32 mainly.
The expected trading range for today is between 76.40 support and 79.75 resistance.
The expected trend for today: Bearish
Origin: Economies
