Brent oil price breached the correctional bearish channel’s resistance strongly to rally upwards and approach the most important resistance at 83.50, noticing that the technical indicators provide clear negative signals now, to support the chances of continuing the domination of the correctional bearish trend in the upcoming sessions, waiting to resume the bearish bias to test 80.96 again.
Therefore, the overall negative scenario will remain active unless the price continued the bullish rally to breach 83.50 and hold above it, as surpassing this level will stop the bearish trend and push the price to return to the main bullish trend again.
The expected trading range for today is between 81.00 support and 84.00 resistance.
The expected trend for today: Overall bearish
Origin: Economies
