Brent oil price suffered strong losses yesterday, as it approached 38.2% Fibonacci correction level at 86.75, to hint heading to achieve more expected bearish correction in the upcoming period, noting that breaking the mentioned level will push the price to 83.87 as a next negative station.
Therefore, we expect to witness more decline on the intraday basis, noting that breaching 88.60 will stop the negative pressure and lead the price to test 90.30 initially.
The expected trading range for today is between 85.80 support and 88.90 resistance.
The expected trend for today: Bearish
Origin: Economies
