Brent oil price faced strong negative pressure yesterday, as it surpassed our waited target at 89.05 to reach 61.8% Fibonacci correction level at 87.37, noticing that the price ended yesterday below it, but it begins today with clear rise to attempt to step above this level, which hints heading to recover and cover some losses that it suffered in the previous sessions.
Therefore, we expect to witness positive trades in the upcoming sessions, supported by stochastic positivity, noting that the main waited target reaches 89.05, while failing to surpass 87.37 will stop the positive scenario and push the price to resume the bearish trend again.
The expected trading range for today is between 86.00 support and 89.30 resistance.
The expected trend for today: Bullish
Origin: Economies
