Brent futures prices faced strong negative pressure yesterday, reaching 83.00, and closing just above the critical support of 83.50, with chances still viable to resume the main upward trend, as the price leans on the support of the ascending channel now in anticipation of a new ascending wave that will aim for 85.00 then 87.65 as main targets.
The 50 SMA supports the expected upward trend, however we note that breaching 83.50 and settling below it will pressure prices negatively and could send them in a downward correction in the intraday levels.
Expected trading range for today is between the 82.50 support and the 85.30 resistance.
Expected trend for today: Bullish
Origin: Economies
