Brent oil price broke the bullish channel’s support line clearly and settled below it, to start bearish correction for the rise measured from 70.15 to 87.65, paving the way to decline to test 83.50 that represents the first correctional level.
Therefore, the bearish bias will be suggested for today, and breaking 85.65 will add more confirmation to the continuation of the bearish correction domination in the upcoming sessions, while breaching 87.10 will stop the negative scenario and lead the price to resume the main bullish trend again, to head towards 89.00 areas on the near term basis.
The expected trading range for today is between 84.60 support and 87.60 resistance.
The expected trend for today: Bearish
Origin: Economies
