Brent oil price declined strongly yesterday, to break the intraday bullish channel’s support line and test 23.6% Fibonacci correction level at 90.30, paving the way to achieve more expected decline in the upcoming period, noting that breaking the mentioned level will extend the bearish wave to reach 89.20 followed by 86.75 levels as next main stations.
Therefore, the bearish bias will be suggested for today, taking into consideration that failing to break 90.30 will stop the expected decline and lead the price to start new recovery attempts that target visiting 93.00 areas initially.
The expected trading range for today is between 89.00 support and 92.00 resistance.
The expected trend for today: Bearish
Origin: Economies
