Brent Oil Price Analysis
Expected Scenario
Brent oil price reaches our first waited target at 85.80$ now, which represents 23.6% Fibonacci correction level for the rise measured from 76.95$ to 88.53$, which means that breaking it will push the price towards 84.10$ direct.
The EMA50 forms negative pressure against the price to support the chances of continuing the bearish trend in the upcoming sessions, to continue suggesting the bearish bias unless breaching 86.75$ and holding above it.
Expected Trading Range
Between 84.20$ support and 87.20$ resistance.
Trend Forecast: Bearish
Origin: Economies
