Brent oil price ended yesterday with clear negativity to break 77.44 level and settles below it, to hint the attempt to return to the main bearish track again, but it faces solid support formed at the breached resistance of the bearish channel that appears on the chart, accompanied by witnessing positive signals through stochastic, which might assist to push the price to recover again.
Therefore, the contradiction between the technical factors makes us prefer to stay aside until the price confirms its next destination, noting that breaking 76.60 support will push the price to continue the decline and achieve negative targets that start at 74.70 and extend to 73.35, while breaching 77.44 resistance represents the key to start new bullish wave that targets 79.15 areas initially.
The expected trading range for today is between 75.40 support and 78.70 resistance.
The expected trend for today: Neutral
Origin: Economies
